It has been three years since the European Union (EU) and the United States enacted a series of sanctions against Russia for the unlawful annexation of Crimea and the subsequent war in eastern Ukraine. Some of these sanctions deliberately target Russia’s oil industry because it is the backbone of the country’s economy. However, as Russia’s oil production remains at a high level, critics claim that the sanctions have failed to hurt Moscow’s oil industry. Such an assertion ignores the complexity of many internal and external factors that impact the industry’s outlook. A closer look at Russia’s oil industry reveals that …read more
Source: Atlantic Council