A spotlight on the Russian government’s unfathomable Moscow airports ownership and share sales

The almost impenetrable and Byzantine ownership methodology for Russia's airports is convoluted at best - involving the state, cities, regions, various sorts of 'joint stock companies', investment firms from within and outside the business; individuals, oligarchs and until recently foreign entities.

Little wonder that external investors like Fraport found it to be hard going, until it was removed from the scene altogether with little in the way of thanks for what it had done at Saint Petersburg.

Now the central government has announced that it will sell its 30% share in Moscow Sheremetyevo Airport, the country's busiest and the primary gateway; saying it will "support" investors.

But those potential investors will be aware that a subsidiary of the entity that owns Sheremetyevo has bought a rival Moscow airport, Domodedovo, one that had been renationalised, while at the same time a third airport, Vnukovo, took a substantial stake in that subsidiary.

It has become a 'who owns who' conundrum of the sort that belongs on a Monopoly Board, but the consequences are deadly serious for any investor - especially as the government will retain a Golden Share in Sheremetyevo.

The only certainty is that there will be no foreign investors, but despite the confusion, there are (without doubt) Russian ones that will be prepared to seize the moment, or not - as the case may be.