November 15, 1993 – Neva Bank Moscow Branch, Alexei's Office
The numbers were climbing.
Alexei reviewed the latest report from Lebedev, a spreadsheet covered in columns and calculations that tracked their voucher acquisitions. Twenty-three thousand had become thirty-one thousand in the past week. The pace was accelerating.
Lebedev sat across from him, his expression a mixture of satisfaction and concern. "We're buying faster now. Volodin's people have set up three more collection points—storefronts in working-class neighborhoods where people can bring their vouchers. The word is spreading."
"What word?"
"That there's a place to sell. That the price is fair. That the money is real." Lebedev shrugged. "In this economy, that's enough."
Alexei studied the numbers. Surgutneftegaz vouchers: twelve thousand. Lukoil: eight thousand. Yukos: five thousand. The rest scattered across shipping lines, railways, port facilities. The infrastructure pieces he valued most.
"The competition is heating up," Lebedev continued. "Smolensky has buyers in every district. Averin is offering slightly higher prices in some areas. There's even word that foreign investors are starting to circle—hedge funds, mostly, looking for bargains."
"Then we need to move faster. Can we increase our buying without driving up prices?"
"We're trying. Volodin is using different fronts, different buyers, different neighborhoods. We're not creating a single market—we're creating dozens of small ones. It's slower, but it's safer."
"Slow is fine. Safe is essential."
That afternoon, Alexei visited one of the storefronts.
It was a small space on a side street in a working-class district, formerly a bakery, now converted into a voucher collection point. A sign in the window read: WE BUY VOUCHERS – FAIR PRICES – CASH TODAY.
Inside, a line of perhaps twenty people waited patiently. Old women, mostly, with a few younger men and women scattered among them. A young man behind a counter processed each transaction quickly—voucher in, cash out, receipt signed. It was efficient, professional, utterly unlike the chaotic street markets elsewhere.
Volodin was there, supervising, looking more confident than he had in their first meeting. He spotted Alexei and nodded toward a back room.
They sat on crates among stacks of vouchers waiting to be processed. Volodin lit a cigarette, offering one to Alexei, who declined.
"Three hundred yesterday," Volodin said. "Four hundred today. The word is spreading. People are telling their neighbors, their relatives. We're becoming known as the place that doesn't cheat you."
"Any trouble?"
"Some. A few local toughs tried to shake us down. I called Ivan's people. They had a conversation. No more trouble."
Alexei nodded. Ivan's people were good at conversations.
"Keep going. Expand to more neighborhoods. I want ten collection points by the end of the month."
Volodin's eyebrows rose. "Ten? That's a lot of overhead."
"That's a lot of vouchers. The window won't stay open forever. When the big players realize what's happening, prices will skyrocket. We need to be done before then."
November 20, 1993 – Neva Bank Moscow Branch, Evening
The scale of the operation was growing faster than Alexei had anticipated.
Forty-two thousand vouchers now, spread across a dozen collection points. Surgutneftegaz holdings had reached eighteen thousand. The shipping lines and railways were accumulating more slowly, but steadily.
Lebedev calculated the totals each evening, his spreadsheets growing more complex. "At this rate, we'll hit fifty thousand by mid-December. Maybe sooner."
"And the cost?"
"About one point one million so far. Average price per voucher is creeping up—twenty-seven dollars now, versus twenty-five a week ago. But still far below face value."
Alexei studied the numbers. One point one million was significant but manageable. The bank's deposits were growing faster than they could lend. The money was there, waiting to be deployed.
"The real test will come when we convert the vouchers to shares," Lebedev said. "That's when we'll need to register ownership, file with the companies, become visible."
"Can we layer it? Use different holding companies, different names?"
"To a point. But eventually, the ownership will be traced. We need to be prepared for that."
Alexei nodded. Visibility was the price of legitimacy. But visibility also meant exposure. They would need to manage it carefully.
November 25, 1993 – Surgutneftegaz Voucher Milestone
Twenty thousand.
Alexei stared at the number on Lebedev's spreadsheet. Twenty thousand Surgutneftegaz vouchers, representing just under one percent of the company. Not enough for a board seat, not enough for real influence. But a foundation.
"We need more," he said quietly.
Lebedev nodded. "I know. We're working on it. The shipping lines are easier—less competition, lower prices. But Surgutneftegaz is becoming a target. Smolensky's people are buying heavily. Khodorkovsky's consortium is rumored to be accumulating."
"Then we focus. Shift more resources to Surgutneftegaz. Use the real estate as collateral if we need to."
"That's risky."
"Everything is risky. The question is which risks are worth taking."
Lebedev was quiet for a moment, then nodded. "I'll make it happen.
November 28, 1993 – Evening, Volkov Apartment (Moscow)
Alexei had taken a small apartment near the bank, a temporary arrangement that had become semi-permanent. The walls were bare, the furniture minimal, the whole space functional rather than comfortable.
He sat at a small desk, reviewing the day's acquisitions. Twenty-two thousand Surgutneftegaz now. The shipping lines were approaching ten thousand combined. The total voucher count was nearing fifty thousand.
He thought of the old woman in the street, selling her future for fifty dollars. Of the lines outside the collection points, the tired faces, the desperate hope. They were selling their share of the country because they had no choice.
He was buying because he did.
The difference haunted him. But it didn't stop him.
November 30, 1993 – Neva Bank Moscow Branch, Month-End Review
The numbers were staggering.
Total vouchers: fifty-three thousand. Surgutneftegaz: twenty-four thousand. Lukoil: nine thousand. Yukos: six thousand. Shipping lines and railways: fourteen thousand combined. Total investment: approximately one point four million dollars.
Lebedev reviewed the figures with satisfaction. "We're ahead of schedule. Way ahead. If we keep this pace, we'll have a significant position in Surgutneftegaz by spring."
"And the competition?"
"Growing. Smolensky is rumored to have over a hundred thousand vouchers now, spread across dozens of companies. Averin is focused on commodities. Malkin on real estate. Khodorkovsky's consortium is still forming—they're waiting for the auctions."
Alexei nodded. The pieces were falling into place. The voucher phase was just the beginning. When the auctions came, when the real privatization began, those with vouchers would have a seat at the table.
He thought of his grandfather's lessons. Fortune favors the prepared.
He was prepared.