In this 2nd part of her article (for its 1st part see Polis 2004, № 2), the author analyzes the composition of the ranks of the business elite, the channels of its recruitment, as well as the development of the relations between elites in the center and in the regions. Pointing to the strengthening of the Kremlin’s influence in the regions, she stresses that it means growing influence not only of central governing structures (administration of the RF President, the government, etc.), but also of federal financial-industrial groups which are ever more actively “getting” regional business “under”. According to the author’s conclusion, one of the most significant tendencies of the past years is the merging of the political elite and the economic one, and the formation of politico-financial conglomerations claiming the role of dominant actors in regional politics and economy. These conglomerations, being often part of similar formations of the federal level, appear now as most important participants of the interaction between the federal elite and regional ones.