Abbreviations  7

1 Introduction  9

1.1 Method and Scope  9

1.2 Sources  10

1.3 Outline  10

2 Patrimonialism and Informal Power in Rostec's Governance  11

2.1 The Decline and Reconsolidation of Russia's Defence Industry  11

2.2 State Corporations: A Unique Form of Ownership  12

2.3 The Role of Informal Power  13

3 Rostec's Pre-War Business Model  17

3.1 The "Russian Vacuum Cleaner": Expansion and Diversification  17

3.2 The Profit Model: Monopoly and Privileged Access to State Resources  25

4 Rostec's Growing Pains  28

4.1 The Twin Challenges of Labour and Inflation  29

4.2 Productivity Constraints: Sanctions and Import Substitution  31

4.3 Rostec's Retreat from Global Markets  35

4.4 The State's Wartime Financial Support  38

5 Conclusions  40

6 References  43