had followed the advice of economic advisers in implementing reforms such as a 13 percent flat tax and creating a stabilization fund to lessen inflationary pressure, his main personal contribution was the idea of creating "national champions" and the renationalization of major energy assets. In his June 2008 interview, Marshall Goldman said that in his opinion Putin had created a new class of oligarchs, whom some called "silogarchs", Russia having come in second in the Forbes magazine list of the world's billionaires after only the United States. In December 2008, Anders Åslund pointed out that Putin's chief project had been "to develop huge, unmanageable state-owned mastodons, considered “national champions”", which had "stalemated large parts of the economy through their inertia and corruption while impeding diversification". People are new oil On 14 November 2016, Elvira Nabiullina, the head of Central Bank of Russia, stated that «the previous model which based upon exporting raw materials and stimulating consumption, including through consumer lending, has been exhausted; this was manifested in «the fading of the rates of economic growth» before the crisis and the drop in oil prices». Russian economist Dmitriy Prokofiev believes that new economic model of Putin's Russia is based on the same principles that were used during the Stalin's five-year plans. The essence of this system is to provide investment in large projects under the patronage of the government and guarantee the income of the political and economical elite by direct and indirect uptake of money from the population. As a result of cheap labour and expensive capital policy, economic entities use labour-based and not capital-intensive technologies. At the same time, the impoverishment of the population and the decrease of the domestic consumer demand forces economic entities to seek an objects for investment outside Russia. That is why the profits of large companies and their owners does not affect the income of individuals. New economic model was named «People are new oil». This phrase entered the lexicon of Russian bureaucrats believing that citizens are the source of income and benefits, but not an object of concern and care. The particular manifestations of new economic model are following: freezing of the funded part of the pension since 2014 until at least the end of 2023, raising the retirement age, value added tax rate hike, income tax on natural persons rate hike, reviving the Stalin's practice of using the prisoner's labour. Since 2013,