The comeback of the State in the running of the economy indicates a significant inflection in the trajectory of post-soviet Russia. This paper tries to measure the scale and characteristics of this new involvement by the Russian State. It also outlines a dual interpretation: on the one hand, this evolution appears to be a new developmentalist strategy, while on the other hand, there is a re-composition of economic power through an instrumentalization of the State. JEL codes: H82, P26, O25