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How Russia gains from the Hormuz supply shock
The US may be systemically stripping Russia of key geopolitical allies, but Moscow can reap rewards from the Hormuz crisis, both in the short and long term
Letter from Asia: The nuanced India-Russia oil picture
The South Asian consumer’s next move could tighten the Middle East oil market overnight
Arctic LNG 2 adds Arc7 to its shadow fleet
Having found a steady buyer in China for its sanctioned gas, the Russian project is positioned for nearly year-round operations, yet its 11-vessel ‘shadow fleet’ is still insufficient to achieve anywhere near capacity utilisation.
Explainer: What do Russia’s oil giants own overseas?
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
Tax policy will shape Russia’s oil future
The consensus among market observers is that the country’s oil output will fall in the long term. Yet few recognise how Moscow’s shifting tax regime is designed to keep the next barrel commercially viable
The curious case of oil-on-water
The market is facing being drowned in excess crude, but one caveat is that a large chunk is due to buyers reluctant to snap up sanctioned barrels
Lukoil loses its growth prospects
The Russian firm made a significant attempt to expand overseas over the past two decades but is now trying to divest its global operations
Explainer: How the EU will wean itself off Russian gas
Questions remain about how the phase-out will be implemented and enforced in practice
Arctic LNG comes in from the cold
Beijing now appears prepared to accept discounted Russian LNG, even at the cost of heightened sanctions risk
Russia’s fuel crisis: Difficult but not catastrophic
International and opposition media claim that two-fifths of the country’s refining capacity is offline, but the true situation is not so dire
Russia
Daniel Crawford
11 December 2020
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Letter from Moscow: Changing of the guard

Five new technocrat ministers suggest the new PM has a refreshing focus on competence

The Russian government saw its second reshuffle of the year in early November, including veteran energy minister Alexander Novak relinquishing his post after eight years. Five new faces hail from either state companies involved in the industries they will now oversee or relevant government departments. While Prime Minister Mikhail Mishustin is consolidating his power, he is also bringing together technocrats he believes can deliver on Russia’s ambitious domestic ­policy goals. A cornerstone of President Vladimir Putin’s 2018 re-election campaign was a $400bn state spending plan, covering investments in a range of areas from health and education to infrastructure. This National Projects progr

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