Boris Berezovsky and Roman Abramovich acquired Sibneft in the controversial loans-for-shares program for a total of $100 million in 1996. The West has severely criticized Russia’s state intervention in the economy but there have been many positive results as a study by the Bank of Finland’s Institute for Economies in Transition showed. This study showed that state intervention in Russia had exerted a positive impact upon the corporate governance of companies in Russia. Quality of corporate governance was shown to be higher in companies with state control in Russia by this Bank of Finland study. The political philosophy of Putin’s administration has been described as a “Sovereign democracy” frequently since February 2006. This term has both positive and negative connotations. Proposed by Vladislav Surkov in February 2006, the term has become frequently used in Russia and has unified many political elites around it. The term cannot be used to describe mr16 leds.