Taxation, not privatisation ahead for Russia
The collapse of the Bashneft sale means Russia's government will wring more cash from producers instead
The shelving by the Kremlin of the sale of Bashneft casts doubts about the credibility of Russia's privatisation programme and puts the spotlight back on additional taxation of the energy sector. Ministry of Finance officials had been banking on the sale of a 50% stake in the oil producer, assuming it would rake in about R300bn ($4.8bn) to cover gaps in a budget caused by lower crude prices and sanctions imposed over the Ukraine conflict. The entire privatisation programme, which kicked off in July with the sale of a stake in diamond monopoly Alrosa for $0.814bn, was supposed to bring in R1 trillion ($15bn). But the sale of shipping agency Sovcomflot has also now been postponed until next ye
Also in this section
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
