Russian billionaire Vladimir Yevtushenkov’s investment company AFK Sistema will place its bid to acquire Russian state assets, Bloomberg reports. The move comes as the country seeks to raise $38 billion in the next three years.

Sistema intends to purchase a minimum of 25 percent stakes in midsize companies to gain access to management, including crude producer Rosneft and lender VTB Group. Including smaller companies in the privatization list will help the firm gain a controlling stake or 100 percent.

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