Russia’s government has picked 199 “strategic” companies that will have state legal support and a greater crack at bailouts, the economy ministry said Sunday. Russia is preparing for its first economic recession since 2009, suffering from massive capital flight and double-digit inflation. The government, which has limited funds when global capital markets are closed to it because of Western sanctions, is looking for ways to save the economy from a deeper collapse. It has picked companies, including the country’s largest oil producer Rosneft and gas monopoly Gazprom, that collectively generate 70% of Russia’s national income and employ more than 20% of the working population across the country. This should steady the economy and mitigate the effects of the crisis, the economy ministry said in a statement. Inclusion on the list of strategic companies doesn’t guarantee a state-funded bailout, the ministry said. Late last month, the government […]