Sobchak spoke first.
"Mr. Saionji, first of all, the humanitarian aid your side donated in Moscow has made us in Leningrad feel deeply warmed as well."
His speaking pace was not fast, leaving natural gaps between sentences to allow the interpreter to keep up.
"Especially the medical supplies; for many institutions, this was an act of providing help in a time of need. We will not forget the generosity of the Saionji family."
Shuichi smiled. "If we could be of any help, we are honored."
Sobchak nodded and continued.
"I have always been extremely fond of Japanese culture. When I was young, I read Yasunari Kawabata's Snow Country; it is truly a very beautiful work."
He smiled, as if sharing a private memory.
"Back then in university, a few of us classmates passed around a Russian translation. It was not translated very well, but the atmosphere was still moving."
"Mr. Kawabata is indeed a master," Shuichi replied.
"Leningrad is Russia's window to Europe," Sobchak naturally shifted the topic. "When Peter the Great built this city, it was to let Russia see the outside world."
He paused slightly, his gaze sweeping over the snow-covered garden outside the window.
"Now, I think this window should also face Asia."
Shuichi held his teacup without interrupting.
"Leningrad is a city with world-class cultural heritage." He picked up his teacup and took a sip. "The Winter Palace, the Mariinsky Theatre, the university, the Academy of Sciences, and the city itself. They all require maintenance and also need new ways to continue existing."
He set the teacup down.
"Frankly speaking, the central government's funding can no longer meet the needs of this city."
He looked at Shuichi.
"We need to learn to find partners ourselves."
His gaze shifted between Shuichi and Satsuki.
"If your side, during your vacation, has any interest in Leningrad's ports, food supply chain, or urban infrastructure, we are very willing to provide information and arrange visits."
Sobchak spoke very decorously.
He was like someone inviting a friend to visit their home, and just happened to mention that the roof needed repairs, the fireplace needed fuel, the warehouse needed reorganizing, and the master of the house temporarily did not have enough money.
Shuichi naturally understood.
He smiled gently.
"Leningrad is indeed an alluring city. Our visit this time is primarily based on personal interest," he said. "However, if there is an opportunity to understand your city's development plans, as a businessman, I am naturally interested as well."
This sentence neither promised nor refused.
Sobchak clearly accepted this buffer.
He did not continue to push, but instead naturally steered the topic toward the young person beside him.
"Regarding the specific situation of the city's economy, Comrade Chubais knows better than I do," he said. "He is in charge of some work regarding economic reform and is an expert in this field."
Chubais bowed slightly.
His Japanese was not good, and he did not rush to use English, but spoke directly in Russian, with Sobchak translating personally—this in itself was a gesture.
For the de facto leader of Leningrad to be willing to act as an interpreter for a young economist in a private meeting showed that he not only valued this person but also hoped the guest would value him as well.
Chubais did not engage in unnecessary small talk.
He waited for Sobchak to hand over the conversation and then cut straight to the point.
"Mr. Saionji, Miss Saionji."
"Leningrad has many large state-owned enterprises. Shipbuilding, machinery, electronics, military industry, food processing—they exist in all aspects."
"On paper, they belong to the state, but in actual operation, no one is truly responsible for them."
Sobchak translated this into Japanese.
Chubais continued: "The losses of these state-owned enterprises are borne by the central government, orders are allocated by departments, and prices are determined by the plan."
"Therefore, the problem now is not whether these enterprises have value; due to the economic system our country implements, it has resulted in them having no price."
He paused for a beat.
"And without a price, no one is responsible for their survival or demise."
He paused for another beat.
"To address this problem, we are studying a plan—let assets have a price, and let prices determine the flow of resources."
He did not say "privatization."
This word was still too dangerous; it would provoke many people and turn the conversation from a technical issue into a political stance.
But he had already stated the most important thing before privatization.
Price.
Let assets have a price, let prices determine the flow of resources, and let the flow of resources redefine responsibility.
As for whose hands these assets ultimately fall into, that is only the next step.
Satsuki sat beside Shuichi, her expression unchanged.
The corners of her mouth still carried that reserved smile, like a well-behaved daughter listening to her father's friend talk about economics.
Chubais's gaze rested on Satsuki's face for less than a second.
Sobchak timely closed the topic.
"Of course, these are all matters at a technical level." His smile became gentle again. "Today is just a greeting."
He stood up and adjusted his scarf.
"Tomorrow there is a small reception at the Winter Palace. Several friends from the university and the municipal side will be there. If Mr. Saionji and your daughter are interested, you are welcome to attend in a private capacity."
Shuichi glanced at Satsuki.
Satsuki placed the art book on her knees and her eyes curved slightly.
"Father, we came to Leningrad precisely to see the Winter Palace."
Shuichi smiled. "Then we shall respectfully accept."
Sobchak nodded with satisfaction, and he shook hands with Shuichi to take his leave.
When turning to Satsuki, his tone was a bit more earnest than when he entered.
"Miss Saionji, Leningrad is very happy to welcome you."
"Thank you," Satsuki bowed slightly. "Leningrad is more beautiful than I imagined."
The living room quieted down again, and the firewood in the fireplace crackled slightly.
Shuichi picked up his teacup and took a sip.
"This man is smarter than the ones in Moscow."
Satsuki looked up.
Shuichi looked out the window, where the shadows of the plaster sculptures in the garden were stretched long by the afternoon light.
"He also knows that Moscow can no longer give him anything."
Satsuki sat up a bit straighter on the sofa, placed the art book on the coffee table, and turned to face Shuichi.
"Father, you have seen it during these two weeks in Moscow," her voice was not loud. "The funding for the Academy of Sciences has been cut off, the factory equipment has been stuck for years, and the hotels can still maintain a veneer of decency, but behind that decency lies surveillance, shortages, and inertia. The system is still holding on, but it is already hollow inside."
This time, Satsuki did not act as a "riddler."
Seeing Satsuki becoming serious, Shuichi also put down his teacup and sat up straight to look at Satsuki.
"The things we can obtain here are divided into three layers," she extended one finger.
"First, talent."
"In the Academy of Sciences, universities, design bureaus, and factories, there are many first-class researchers and engineers."
"The problem is, they are now trapped in a system that cannot provide them with equipment, funding, and a future."
"Not everyone is suitable to be taken away, and not everyone is willing to leave, but as long as wages cannot be paid, laboratories cannot be maintained, and equipment cannot be updated, they will definitely look for other paths."
"The Germans, the Americans, the Israelis—they will all come. We certainly cannot consume all of these people, but we cannot enter the market too late."
Satsuki looked at Shuichi, who was rubbing his chin, looking at the art book on the coffee table.
"Father, talent is not a one-time transaction. What a researcher brings is not just their brain, but also their students, their collaborators, and their papers."
"They know which laboratories still have value, which design bureaus have run out of resources, and who is still loyal in words but already prepared to leave in their hearts."
Her voice was very soft. "As long as we catch the first batch of people, the subsequent list will flow over on its own."
The living room was quiet for a moment.
Shuichi picked up his teacup but did not drink.
"And the second?"
Satsuki put down her second finger. "Second, ports and trade channels."
She looked out the window. The snow in the garden was very thick, and the lines of the riverbank in the distance were covered by white, like a border not yet written on with ink.
"Leningrad is one of the most important gateways to the Baltic Sea. It connects not only this city but also the railways, warehousing, shipyards, food supply, the Ministry of Foreign Trade, and the entire industrial system of the northwest. In the past, these things all operated within the plan; prices were not determined by the market, and the flow of goods was not determined by merchants."
"But once foreign trade permits are loosened, or if the local government can bypass some central restrictions, the port will no longer be just a port."
She withdrew her gaze.
"It will become a gate for exchanging hard currency."
Shuichi heard this and furrowed his brows slightly.
"Do you want to control the port?"
"You cannot say it like that, nor can we do it like that."
Satsuki answered quickly.
"For a foreign Zaibatsu to directly control a Soviet port is too conspicuous and too dangerous. What we want to control is the part of the port that it cannot do without when conducting foreign trade."
She listed them one by one.
"The Russian side can retain the port's flag and name, and even let locals hold all public positions. But as long as they want to sell goods to Japan, to Asia, or to markets that require stable payment, they must go through a reliable external system."
Shuichi was silent for a moment.
"Saionji Trading can provide this system."
"Yes."
Satsuki nodded.
"Food can be imported through here, machinery can enter through here, and timber, oil products, metals, fertilizer raw materials, and seafood can all be repriced here."
"On the surface, we are just providing trade convenience to Leningrad. In reality, we are determining one thing in advance—how things from this land should be traded in terms of format when they become money in the international market."
She looked at Shuichi.
"Whoever provides the format can leave a place for themselves in every transaction."
Shuichi did not speak.
He already understood.
The sale only happens once, but the channel allows every sale to pass through one's own hands.
Satsuki put down her third finger.
"Third, energy and basic resources."
This time, she spoke more slowly.
"Leningrad itself is not an energy production hub, nor is it the location of Far Eastern resources. What Sobchak can bring to the table directly today are the port, urban infrastructure, cultural heritage, food supply, and enterprise reform. But the truly important part of these things does not lie in how much they are worth themselves."
"Then what does it lie in?"
Shuichi asked.
"It lies in the fact that they will become the first batch of assets to be reinterpreted."
Satsuki said.
"In the past, state-owned enterprises could not be sold, ports could not be sold, urban infrastructure could not be sold, and the talent at the Academy of Sciences could not be sold. But now, they will give every action a new name."
"Selling will be written as cooperation. Privatization will be written as reform. The transfer of state assets will be written as introducing external capital to maintain operations. Changes in control will be written as joint ventures. Part of the port's functions being accessed by foreign capital can also be written as warehousing, equipment, management, and trade services."
"Father, this is where the real value lies. They will first rewrite things that could not be traded in the past into projects that can be cooperated on; then, they will turn these projects into contracts that can be stamped, paid for, and delivered."
Shuichi said in a low voice:
"Then are contracts reliable at a time like this?"
"Not reliable."
Satsuki said, almost decisively.
"The credibility of the Slavs is probably even lower than that of the Americans."
"So we cannot just look at the contracts. Many of the current contracts in the Soviet Union are closer to a record of political relationships."
"The person who stamps today may step down tomorrow; a permit that is valid today may be reinterpreted by the new republican government next year; today's foreign trade window may fall into the hands of another faction the year after next."
She leaned forward slightly.
"What we need to look at is a set of paths."
Shuichi also leaned forward slightly.
Satsuki continued:
"Who proposes the project, who holds the seal, who is responsible for execution, who controls the goods, who controls the port, where the funds are collected from, and who bears the cost of reneging if problems arise."
"Only when these people are simultaneously included in the structure can the contract be more than just a piece of paper."
She paused.
"The Saionji family cannot become the masters within Russia. That is not realistic, nor is it safe."
"In the future, a group of people will emerge here who own mines, oil fields, banks, media, and factories. They will get the heaviest things from the Soviet Union's legacy. Only when those things are in their hands will there be local political protection."
Shuichi's gaze deepened.
"Do you want to support them?"
"That will not work."
Satsuki shook her head gently.
"Supporting them implies they take orders from us, but that is an illusion."
"Those who truly obtain resources will ultimately act according to their own interests. When they are weak, they might listen to you a little, but once they become strong, the first thing they often do is get rid of the people who once helped them."
Her fingers tapped on the art album.
"Therefore, our goal cannot be placed on controlling them."
"What we need to do is make the road they take to the international market pass through the gate of Saionji."
Shuichi did not respond immediately.
Satsuki continued:
"Let the Russians fight over the mines, oil fields, and factories; that is their internal game. We need to avoid the center of that table and reach out to another place."
She looked at Shuichi.
"No matter what they end up with, as long as they want to turn those things into real money, they will need ships, credit, buyers, contract formats, and stable settlement channels. Saionji can prepare these things in advance."
Her fingers paused in the air for a moment.
"This is the rule."
In the living room, only the faint sound of water in the heating pipes remained.
Shuichi slowly set down his teacup.
"The rule you are talking about is not how they divide things."
"No."
Satsuki answered.
"That is the Russians' rule. We cannot set it, nor should we try to set it."
"What we want to set are the rules for how they sell assets to the world after they have finished dividing them, how to finance, how to be recognized by banks, and how to make foreign buyers feel secure in making payments."
She lowered her eyes slightly.
"The assets themselves will belong to someone. But the price of the assets is not necessarily decided by that person."
Hearing this, Shuichi finally smiled.
"This does not sound like a vacation."
"It is a vacation."
Satsuki also showed a hint of a smile.
"Father likes the Winter Palace, the daughter likes art, and the Saionji family holds respect for Russian culture."
"It is just 'incidentally' handling some work while on vacation."
"Work-life balance, is not making money a way to relax?"
She paused for a moment, her tone calming down again.
"But we must be clear ourselves that Leningrad is not the end."
"This can be considered a sample. If we can first forge a path here for cooperation between local governments, state-owned enterprises, foreign trade agencies, and foreign capital."
"Then similar paths will appear in the Far East, similar paths will appear in Sakhalin, and timber, minerals, seafood, and oil and gas will all be revalued along similar paths."
She looked at Shuichi.
"By the time everyone realizes these things are valuable, the prices will no longer be what they are now."
Shuichi asked:
"So we are not in a hurry to negotiate terms this time?"
"No hurry."
Satsuki said.
"Sobchak coming to us on his own initiative shows that he needs us no less than we need him."
"Being too anxious now will make it look like we only want to take advantage, and it will also make him wary."
"We need to enter his circle first, know who is in charge, who can sign, whose signature is useful, and who is just standing in the front speaking."
She paused.
"Also, who will betray whom in the future."
Shuichi looked at her for a while.
"You have thought very far ahead."
Satsuki sighed softly.
"Thought far ahead... really?"
She turned to look out the window.
"This city... or rather, this country, is already standing on the edge of a crack."
"We just saw where the crack would open earlier than they did."
The snow outside the window was still falling.
The garden sculptures in the distance were being covered bit by bit by white, and the faces of the old era were being buried by the new snow.
Inside the house, the heating was sufficient, the tea was warm, and the furniture prepared by the Soviet side was still decently placed there, as if this house, this island, and this city still belonged to a complete and vast country.
"Work and vacation can proceed at the same time," she said finally. "I really want to see the paintings in the Winter Palace tomorrow. But meeting the people I should meet at the reception will not hinder anything."
Shuichi nodded and did not ask any more questions.
He stood up, as if he had finally put this conversation aside for the time being.
"Then let us go see the Winter Palace first tomorrow."
Satsuki smiled.
"Yes, Father."