IIPM Publication :- Czar turns into an oil ‘Don’

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Putin, on the other hand, wants to restore the lost Russian pride. He is well aware that Russia has the wherewithal to be at the centre stage of global political economy. And to achieve these objectives, Putin has maintained a tight grip on Russian oil oligarchs and is hell bent upon renationalising oil assets. Gazprom, the state-controlled oil major in Russia, holds 25% of the total known reserves of oil in the world, and supplies almost all the oil to Central Europe. "And Putin is not refraining from using oil price mechanism as a tool to teach Russia's 'Near Abroad' and drawing them away from the Western fold," says Dr. Nivedita Das Kundu, author of Russia and its 'Near Abroad', in an exclusive interview to B&E. Putin knows that his energy policies will attract friends and foes alike. He's ready to pamper the friends with an oil bath & treat his detractors with a strong gush of 'gas'.

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Source : IIPM Editorial, 2007

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