Resource revanchism : the privatization and renationalization of the Russian oil industry
Journal: Texas ScholarWorks (Texas Digital Library)
Year: 2016

The Russian oil industry has long been one of the most prominent and valuable oil sectors in the world. Under the Soviet Union, the oil industry was subject to tight state control. Prices and production targets were determined by political leaders in Moscow, not market signals. The 1995 industry privatization after the collapse of the Soviet Union resulted in many industry assets being auction at extremely discounted prices to a few connected businessmen. Some of the new oil company owners quick