NEWSLINK: “Russia and the “Resource Curse”: When the Kremlin’s Policy is Counterproductive for the Economy” – Carnegie Moscow Center/Forbes.ru/ ANDREY MOVCHAN, PAVEL KOSHKIN)

Oil Well file photo

“How can Russia overcome the “resource curse”? What countries should be an example for Moscow? What consequences can the Russian flawed economic policy lead to? Why could the authorities’ attempts to save their power by any means be dangerous for economic growth? Andrey Movchan, the director of the Economic Policy Pogram at the Carnegie Moscow Center, sheds light on these […]

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NEWSLINK: “Russia and the “Resource Curse”: When the Kremlin’s Policy is Counterproductive for the Economy” – Carnegie Moscow Center/ Forbes.ru/ ANDREY MOVCHAN, PAVEL KOSHKIN)

Oil Well file photo

“How can Russia overcome the ‘resource curse’? What countries should be an example for Moscow? What consequences can the Russian flawed economic policy lead to? Why could the authorities’ attempts to save their power by any means be dangerous for economic growth? Andrey Movchan, the director of the Economic Policy Pogram at the Carnegie Moscow Center, sheds light on these […]

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Putin’s Arms Bazaar Is in a Serious Sales Slump

File Photo of Buk-1 SAM

(Bloomberg – bloomberg.com – Tobin Harshaw – April 25, 2017) Tobin Harshaw writes editorials on national security, education and food for Bloomberg View. He was an editor with the op-ed page of the New York Times and the paper’s letters editor. Russian President Vladimir #Putin is mighty proud of his #military’s performance in #Syria. And, as I have written, it’s […]

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RUSSIALINK RBTH: “Why does ExxonMobil need Russia’s Arctic region? Even though the price of extracting oil in the Arctic is very expensive, ExxonMobil still wants to strengthen its position in the Russian market.”

Arctic Map

“The U.S. Government will not give the green light to oil major ExxonMobil Corporation and other American companies that seek to drill in areas covered by U.S. sanctions against Russia, Treasury Secretary Steven Mnuchin said on April 21. …”

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NEWSLINK: “Kremlin Stringing Kadyrov Along on Oil” – Russian and Eurasian Politics/Gordon Hahn

Ramzan Kadyrov file photo

“Chechen President and strongman Ramzan Kadyrov recently may have finally won long-sought concessions from Moscow in oil related industries, something he has been fighting to attain from RosNeft since he came to power in the once war-torn North Caucasus republic in early 2008. In November 2009, Kadyrov and Sergei Bogdanchikov, then head of RosNeft, Russia’s state oil giant, wrested from oligarch […]

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In Annual Report, Medvedev Says Russian Economy Avoided Catastrophe

Dmitri Medvedev file photo

(RFE/RL – rferl.org – April 19, 2017) Russian Prime Minister Dmitry Medvedev has promised not to raise taxes in 2017 and vowed to consider indexing retirement payments for working pensioners, delivering a moderately upbeat annual report on the troubled economy. Addressing the lower house of parliament on April 19, Medvedev said the Russian economy had avoided “catastrophe” despite low world […]

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Fiscal rule already essentially in effect, might be formally introduced in 2018 – Belousov

Oil Well file photo

MOSCOW. April 17 (Interfax) – The new fiscal rule that restricts Russian budget spending of additional oil and gas revenue is essentially already in effect, and it might be formally introduced in 2018, Kremlin aide Andrei Belousov said. “The fiscal rule comes down to cutting off the level of spending at an oil price of $40 per barrel. We negotiated […]

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Russia Can Wait for $70 Oil Before Re-Entering Arctic Waters

Arctic Map

(Bloomberg – bloomberg.com – Elena Mazneva, Dina Khrennikova – March 29, 2017) Russia can wait for a sustained recovery in oil prices before drilling again in Arctic waters, relying for now on less costly regions even as rival producer Norway accelerates development of its northerly fields. “We estimate production costs for the Russian Arctic offshore in the range of $70 […]

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TRANSCRIPT: [Putin] Meeting on Arctic region’s comprehensive development

Map of Arctic Highlighting Permafrost, adapted from image at nasa.gov

(Kremlin.ru – March 29, 2017) In the course of his trip to Alexandra Land in the Franz Josef Archipelago Vladimir Putin held a meeting on the comprehensive development of the Arctic region. Prime Minister Dmitry Medvedev, Minister of Natural Resources and the Environment Sergei Donskoy, Defence Minister Sergei Shoigu, and Special Presidential Representative for Nature Protection, the Environment, and Transport […]

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NEWSLINK: “Are Russia’s oil wells truly in danger of drying up?” – Russia Beyond the Headlines/Vzglyad/OLGA SAMOFALOVA

Oil Well file photo

“Russia’s economy is heavily dependent on the energy sector. Oil and gas alone are estimated to account for 16 percent of GDP, 52 percent of the federal government’s revenue, and 70 percent of the country’s exports. Russia’s future without oil is inconceivable, and would debilitate the country tremendously. Therefore, investments in the exploration of new oil reserves are imperative, but […]

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NEWSWATCH: “Oil is the cause of Russia’s outsized corruption problem” – bne Intellinews/Ben Aris

File Photo of Kremlin Tower, St. Basil's, Red Square at Night

“#Russia was wracked by protests over the weekend when an estimated 60,000 people took to the street in more than 80 cities large and small to decry rampant corruption. Russia does have an outsized corruption problem and its #oil wealth is to blame.  … the Russian government has identified corruption as probably the biggest drag on growth and has launched a […]

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Why the Comey Hearing Was Frightening to a Russian

Gas Facility file photo

(Bloomberg – bloomberg.com – Leonid Bershidsky – March 21, 2017) Leonid Bershidsky is a Bloomberg View columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru. Monday’s hearing on Russia’s alleged interference in the U.S. presidential election and the alleged contacts between Donald Trump’s campaign and the Kremlin yielded inspiring news for […]

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RUSSIALINK RBTH: “Why Russia does not want to join OPEC; Russia sees oil club as a competitor, though they share tactical interests”

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(Russia Beyond the Headlines – rbth.ru – MARIA KUTUZOVA, SPECIAL TO RBTH) Russia is not considering joining OPEC, Russia’s Energy Minister Alexander Novak has told a U.S. conference. Speaking during the CERAWeek Oil Conference in Houston, Texas early March Novak added: “But our cooperation with the oil exporting countries has proven to be necessary and useful.” He has often spoken […]

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Russia Is Running on More Than Just the Black Stuff; The world’s largest energy producer is out of its longest recession in two decades

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Anna Andrianova- March 7, 2017) [Charts here bloomberg.com/news/articles/2017-03-07/russia-is-running-on-more-than-just-the-black-stuff] Russia has exited recession, with a little help from the boys in uniform, a major statistical revision – and the global oil price. And not just any recession, but its longest in two decades. So what happened? 1. Is the economy really out of the woods? Actually, the […]

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NEWSWATCH: “The fate of Russian stocks hinges on politics and oil” – CNBC/Rebecca Ungarino

File Photo of Outdoor Electronic Sign with Russian Exchange Data

“… The Moscow composite index is down nearly 8 percent year to date, underperforming the U.S. by nearly 15 percent as optimism around the possibility of the removal of trade sanctions against Russia fades. And crude oil, which weighs heavily on the Russian economy, has traded in a narrow range so far this year, offering no help to Russian stocks. […]

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Moscow Court Overturns Fine for Independent Russian News Outlet RBC

Igor Sechin file photo

(Moscow Times – themoscowtimes.com – March 1, 2017) A Moscow court has overturned the decision to fine independent Russian news outlet RBC for libelling oligarch and Putin ally Igor Sechin. An RBC report published in April 2016 claimed that Sechin, the CEO of Russian oil giant Rosneft, had asked Russian President Vladimir Putin to block the company’s minority stakeholder from […]

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Russia Overtakes Saudi Arabia as World’s Top Crude Oil Producer

Oil Well file photo

(Bloomberg – bloomberg.com – Claudia Carpenter – February 20, 2017) Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades. Russia pumped 10.49 million barrels a day in December, down 29,000 barrels a day from November, while […]

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Russia’s Largest Oilfield May Be About to Gush Cash Once Again

Oil Well file photo

(Bloomberg – bloomberg.com – Stephen Bierman, Andrey Biryukov – February 15, 2017) #Russia’s largest #oil field, so far past its prime that it now pumps almost 20 times more water than crude, could be on the verge of gushing profits again for #Rosneft PJSC. Samotlor, the 25 billion-barrel giant that bankrolled the Soviet Union for decades, would be the biggest […]

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NEWSWATCH: “Russia’s economy grows at $40 per barrel oil; Russia’s Central Bank last week said appetite was low for an increase in lending rates” – UPI/Daniel J. Graeber

Elvira Nabiullina file photo

The Russian economy will be on the positive side of growth even if the price of crude oil falls to $40 per barrel … [Central Bank Gov. Elvira Nabiullina] said. … The number of economic sectors expected to expand this year is not much greater than those in contraction, but losers are outnumbered. Much … depends on the price of […]

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TRANSCRIPT: [Vladimir Putin, Mikhail Men, Alexander Novak, Nikolai Nikiforov, Vitaly Mutko at] Meeting with Government members

Map of Russia and Russian Flag adapted from images at state.gov

(kremlin.ru – February 1, 2017) Vladimir Putin met with Government members to discuss possibilities for further developing treasury monitoring of budget spending, the situation with co-funded housing development, and a number of other current issues. President of Russia Vladimir Putin: Good afternoon colleagues. Today, we will discuss the results of work and further development for treasury monitoring of budget spending. […]

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NEWSWATCH: “Rouble’s revival gives Russia an unexpected headache” – AFP

Diverse Paper Currency, Coins, Line Graph

It was a step that seemed unimaginable a year ago: the Russian authorities stepping in to stop the country’s currency from getting too strong. … The finance ministry said Putin himself had decided that the surplus oil revenue would not be used for ‘additional spending’ but would go towards buying foreign currencies to bolster the country’s depleted reserve funds. … […]

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NEWSLINK: “Russia Survived Sanctions, And BlackRock Goes Overweight” – Forbes.com/Kenneth Rapoza

Diverse Paper Currency, Coins, Line Graph

“… Russian oil and gas companies, along with its biggest banks, were sanctioned in the summer of 2014 following the March annexation of Crimea, a Black Sea peninsula in southeastern Ukraine. Tension between the West and Russia increased that year as a new, U.S. backed government led by Arsesniy Yatsenyuk took hold in Kiev, sending Moscow into panic mode. Russia […]

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How Tillerson Could Fuel A Russian Arctic Drilling Boom

Rex Tillerson file photo, adapted from image at readyagain.gov

(Oilprice.com – Robert Berke – January 23, 2017) Robert Berke is an energy financial analyst with experience as a government consultant to the State of Alaska. It’s now clear to nearly everyone that U.S. President Trump intends to seek warmer U.S. relations with Russia, while putting China and Iran relations in the deep freezer. Trump has made no secret of […]

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Russia Locks In on What’s Wrong With Ruble During Oil Frenzy

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Anna Andrianova – January 23, 2017) Untethering the #ruble helped #Russia ride out the biggest #oil downturn in a generation. But it’s left the world’s biggest energy exporter vulnerable to greater volatility in crude prices as #OPEC pushes output cuts. To address that, the Bank of Russia is preparing to wade back into the currency market […]

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NEWSWATCH: “Listen, liberal. Alexei Kudrin wants to liberalise Russia’s economy to save it. But with Donald Trump’s election, many Russians think Putin’s model is winning.” – The Economist

Alexei Kudrin file photo

“… Kudrin’s verdict was grim. Russia, he said, is at a low pace of economic growth even compared with the period of stagnation in the 1970s and 1980s that led to the Soviet collapse. The reasons go well beyond low #oil prices and Western sanctions: The main problems lie within Russia and they are structural and institutional.’ Russia lags far […]

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NEWSWATCH: “General Frost to the Rescue: cold helps Russia comply with OPEC deal” – Reuters

Map of Russia and Russian Flag adapted from images at state.gov

“… Russia … in the past … accused of dragging its feet in implementing oil production and exports deals, reduced production by 100,000 barrels a day in the first few days of January … a third of the way towards the total cut Russia promised to deliver by mid-2017. … [at least partly] the result [of]  …unusually cold temperatures in […]

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Rosneft Privatization Deal Closed As Italian Financing Comes Through

File Photo of Rosneft and Russian Flags Next to Rosneft Banner

(Moscow Times – themoscowtimes.com – January 4, 2017) The tumultuous privatization saga of Russia’s largest oil company appears to be drawing to a close. Swiss-British commodities trading firm Glencore and the Qatari Sovereign Wealth Fund have closed a deal to purchase 19.5 percent of state-controlled Rosneft, according to a statement on Glencore’s website. The news was followed by an announcement […]

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Russia Sets Oil Production Record in 2016

Oil Well file photo

(Moscow Times – themoscowtimes.com – January 2, 2017) Russia set a record for annual oil extraction in 2016 amid some of the lowest oil prices in recent history. In 2016, Russia extracted 527,499 million tons of oil and gas condensate, a 2.5 percent increase from 2015. The figure represents a previously unseen high, according to data from Russia’s Fuel and […]

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Could Tillerson Open Up The Russian Arctic For Exxon Again?

Arctic Map

(Oilprice.com – Nick Cunningham – December 16, 2016) If the ExxonMobil CEO is confirmed as the new U.S. Secretary of State, the evolving relationship between Russia and the United States will take an interesting turn. Rex Tillerson could be in a position to hand his former company a major victory if he helps orchestrate a removal of U.S. sanctions on […]

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NEWSWATCH: “In Moscow, Trump’s tapping of Tillerson lifts hope of U.S. rapprochement; Russian experts know ExxonMobil CEO and Secretary of State nominee Rex Tillerson well, and see Trump’s selection of him as a signal that genuine detente is a possibility.” – Christian Science Monitor/Fred Weir

Rex Tillerson file photo, adapted from image at readyagain.gov

“It’s a rarity for Moscow to be enthusiastic over a US president’s choice for secretary of State. It certainly wasn’t the case for either of the past two secretaries, Hillary Clinton and John Kerry. … Trump’s decision … to nominate ExxonMobil CEO Rex Tillerson is proving to be a pleasant surprise to Russia. … the nomination … seems evidence to […]

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Tillerson Rise Aided by Savvy Negotiating in Putin’s Russia

Rex Tillerson file photo, adapted from image at readyagain.gov

(Bloomberg – bloomberg.com – Joe Carroll – December 12, 2016) For Rex Tillerson, Russia was the proving ground that helped vault him to leadership of a company whose annual sales dwarf the economic output of most nations. Tillerson, Exxon Mobil Corp.’s chairman and chief executive officer since 2006, has emerged as President-elect Donald Trump’s favorite for secretary of state despite, […]

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Russian Energy Minister Says Oil Cuts to Start in January

Oil Well file photo

(Bloomberg – bloomberg.com – Elena Mazneva, Annmarie Hordern – December 11, 2016) Russia’s oil producers have started preparations to meet the nation’s pledge to curb output as part of the “historic” pact between OPEC and 11 producers outside the group, Energy Minister Alexander Novak said. “The first stage of the cut we will see as soon as early January,” Novak […]

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Putin Caps a Turnaround Year as Rosneft Deal Beats Sanctions

File Photo of Rosneft and Russian Flags Next to Rosneft Banner

(Bloomberg – bloomberg.com – Jake Rudnitsky, Ilya Arkhipov – December 8, 2016) As the U.S. and #Europe try to isolate #Russia with #sanctions, Vladimir #Putin just managed to oversee one of the biggest investments in the global #energy industry this year. The surprise $11 billion sale of shares in oil giant #Rosneft PJSC to Qatar’s sovereign wealth fund and Glencore […]

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TRANSCRIPT: Vladimir Putin made a working trip to Chelyabinsk Region

File Photo of Russian MI-26 Helicopter in Afghanistan with MI-17 Helicopter In Background

(Kremlin.ru – December 5, 2016) The President toured the Makeyev State Rocket Centre in Miass, where he held a meeting on the centre’s activity. Vladimir Putin took part in the launch of a new production line at the Eterno Plant in Chelyabinsk, which produces advanced components for pipe systems using nanotechnology. The Eterno Plant is a joint project of the […]

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How Russia Outsmarted OPEC

Oil Well file photo

(Oilprice.com – Irina Slav – December 5, 2016) #OPEC’s historical deal to cut production has been sealed, and #oil prices have jumped as a result, comfortably above the $50 per barrel mark. According to #Lukoil’s vice president, Leonid Fedun, the average price of crude in 2017 could reach US$60 a barrel, thanks in no small part to that agreement. According […]

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NEWSWATCH: “Ahead of promised cut, Russia’s oil output hits record high” – Reuters

Oil Well file photo

Russia plans to use its November oil production … its highest in almost 30 years, as its baseline when it cuts output under [a] deal with OPEC …. Russia … promised to gradually cut output by up to 300,000 … bpd … aimed at supporting oil prices. Its daily oil production rose to an average of 11.21 million bpd in […]

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NEWSWATCH: “Last chance? Putin vows – again – to bring economic reform to Russia. In his state of the union speech Thursday, Putin said he would wean Russia from its oil dependency, revive its flagging economic dynamism, and restore its global reputation. But his window may be closing.” – Christian Science Monitor/Fred Weir

Vladimir Putin file photo with VOA logo; screen shot from video still

… pledging … deep domestic reforms to wean Russia from its oil dependency, revive its flagging economic dynamism, and restore the country’s global reputation … Putin may be putting [his] powers to the test. … analysts say this may be the last chance to start delivering. … Putin … clearly realizes that … approval ratings depend heavily on … public […]

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IMF: Russian Economy Will Contract 0.6 Percent in 2016, Recover In 2017

Diverse Paper Currency, Coins, Line Graph

(RFE/RL – rferl.org – November 30, 2016) The International Monetary Fund said the Russian economy should continue to contract this year, with gross domestic product dropping 0.6 percent, but says it will begin recovering in 2017. The projections from the Washington-based IMF, issued November 29 after a team visited Moscow earlier this month, were roughly in line with other Russian […]

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Russia’s Central Bank Wants You to Believe; Governor Elvira Nabiullina has introduced her own version of forward guidance. The results are mixed.

Elvira Nabiullina file photo

(Bloomberg – bloomberg.com – Anna Andrianova – November 29, 2016) [Charts here bloomberg.com/news/articles/2016-11-29/russia-s-central-bank-wants-you-to-believe] When central bankers start making predictions about what they’re going to do in the future, reality often has other plans. Just ask Bank of England Governor Mark Carney, or Federal Reserve Chair Janet Yellen. Recent attempts at so-called “forward guidance” — telling the public how interest rates […]

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Russia Is Finally Making Headway In Its Pivot East

Asia Map

(Oilprice.com – Colin Chilcoat – November 22, 2016) Russia’s long planned pivot east found itself unexpectedly wrong-footed in early 2014, following the Crimean referendum and subsequent western rebuke. The global collapse of oil prices – and that of the ruble – later that same year further eroded Russia’s leverage in Asia. Fast forward to the present and we’ve seen substantially […]

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Putin Optimistic About OPEC Deal, Russia Is Ready to Freeze

Oil Well file photo

(Bloomberg – bloomberg.com – Ilya Arkhipov – November 21, 2016) Russian President Vladimir Putin said he sees no obstacles to an OPEC agreement this month after oil exporters made major progress in overcoming differences as he reaffirmed Russia is willing to freeze crude output at current levels. “Whether an agreement will be reached, I can’t say 100 percent, but there’s […]

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NEWSWATCH: “Russian bribery probe widens amid reports of Kremlin power struggle” – Washington Post/David Filipov

File Photo of Kremlin Tower, St. Basil's, Red Square at Night

“… Russia’s state-run news agency reported … more officials could be targeted in the corruption probe that has already led to the arrest of the … economic development minister. Other news reports … name[d] names, all of them of officials close to … Medvedev, leader of the so-called liberals, who tend to favor a smaller state role in society and […]

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NEWSWATCH: “The Fate of Russia’s Liberals” – Stratfor

Alexei Ulyukayev file photo

Russia’s economic and political problems are piling up, and they may be putting members of the country’s more liberal circles at risk. In the most high-profile arrest to be made in post-Soviet Russia – and arguably, since the 1950s – Economic Minister Alexei Ulyukayev was detained … on charges of bribery and extortion. … Russian authorities [said] Ulyukayev received $2 […]

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The Loyalty of Fear; Putin sends a message to the elite with the arrest of Russia’s economic development minister

File Photo of Rosneft and Russian Flags Next to Rosneft Banner

(Moscow Times – themoscowtimes.com – Eva Hartog, Mikhail Fishman – November 16, 2016) It was an awkward, dramatic national moment for Russia: a bonafide minister of the federal government standing in court as the defendant, facing corruption charges and promising his cooperation to prosecutors, pleading to be released on bail. The hearing ended slightly anticlimactically, with a decision to place […]

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NEWSWATCH: “World Bank Improves Russia Economic Outlook, Sees 1.5 Percent GDP Growth in 2017” – Reuters

World Bank Building

… the World Bank said …. Russian gross domestic product will contract by 0.6 percent … oil prices are projected to recover to an average of $55 per barrel in 2017 [and] the Russian economy is expected to bottom out in the second half of this year. The World Bank sees it growing by 1.5 percent in 2017 and 1.7 […]

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NEWSWATCH: “Russia’s oil output in October hits new post-Soviet era high” – Reuters

Oil Well file photo

Russia’s oil output set a new post-Soviet era record high in October, rising 0.1 percent from September to 11.2 million barrels per day (bpd), energy ministry data showed …. underscor[ing] the difficulty the government could have in freezing output levels as part of a global pact with other top producers [to impact prices] …. Oil and gas sales account for […]

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NEWSLINK Reuters: “Factbox: How Russia is ramping up its oil output in 2016-2017”

Oil Well file photo

… Putin, who has pledged to join a global pact to cap oil output, gave the green light on Monday to start production at a new Caspian Sea field owned by country’s No.2 oil producer Lukoil, the second launch in a week. Russian oil production is expected to reach 547 million tonnes this year (10.95 million barrels per day), rising […]

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