Hermitage Capital Management’s Founder William Browder says Russia reminds him of the situation in Venezuela seven years ago. Browder says as the economic crisis in Russia deepens and nationalism spreads, President Putin will be forced to put anti-business policies into practice and that could ultimately lead to the nationalization of companies as a way to make up for lost oil revenue. Browder, who was in Moscow during the 1998 financial crisis, says the biggest difference between then and today is that in the late ’90s western financial institutions like the IMF and the World Bank were there to help. Today, they are not. Browder says the lack of international support, and capital access, will lead many companies inside Russia to default because there is not enough money inside Russia to refinance the debt of its companies. TheStreet’s Ruben Ramirez has details from New York.
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