Russia’s decision to postpone the privatization of a mid-sized oil company has sent a message to investors: for all his power, President Vladimir Putin has failed to stop political infighting getting in the way of business. Foreigners have long been wary of buying assets in Russia because of concerns that the state has little respect for ownership rights, but the tussle between competing clans over control of Bashneft has been particularly fierce.Economy Minister Alexei Ulyukayev said the delay in the sale of the government’s majority stake in the provincial oil firm, announced on Aug. 16, reflected market conditions and investor readiness for the deal.But the battle over Bashneft is a reminder for foreign investors that winning one camp’s backing is no guarantee of protection for an investment because interests and […]