“I'm talking about a system in which risk is nationalized and reward is privatized. Only those loyal to Putin enjoy the benefits of this rule. ...It ...is not the case for many hundreds of thousands of small or medium-sized business owners in Russia who are subject to this... raiding by those above them... Property rights are secured by loyalty and not by law. They could take their claims to court, but those court decisions are political... and so the market... is hugely distorted by political considerations. There's no transparency.”