OPINION: Russia’s decision to impose new curbs on foreign participation in its oil and gas developments bears the hallmarks of a knee-jerk retaliation against the loss of investment in a sector as Western companies look to drop their assets in their country.
Yet such changes also warn possible investors from India and elsewhere that Russia is prioritising its short-term political goals, rather than long-term economic stability in its energy sector.
Earlier this week, Russian President Vladimir Putin signed amendments to the country’s Subsurface Law, originally passed in 1992 as the country opened its oil riches in West Siberia to Western majors.
