Russia has become richer but less free since President Vladimir Putin came to power in 2000. Andrei Illarionov will describe how the Kremlin’s policy decisions in the past few years have given rise to a new corporate state in which state‐​owned enterprises are governed by personal interests and private corporations have become subject to arbitrary intervention to serve state interests. The reduction in economic freedom is negatively affecting political freedom, civil society, and foreign relations. Illarionov —who, in protest of government policies, recently resigned the post he had held for six years— will discuss the role that oil wealth has played in creating the corporate state, Russia’s dim development prospects, and the possibility of restoring basic liberties.