Minigarch

Financial and economic groups, which emerged as a result of the Yushchenko-inspired boom with an average growth rate in the gross national income of 9 percent since the year 2000, had created a new generation of “minigarchs.” They resented rampant corruption in tax administration and government and were angry at the plunder of the country by a narrow group of oligarchic billionaires backing the incumbent power elite and its candidate, Yanukovych.

One person familiar with the Moscow business world said of Povarenkin: “He’s a typical ‘minigarch’ guy who managed to cobble together a bunch of assets, deploying the typical Russian means of doing it.”