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Russian ambitions in the energy sphere and the global financial crisis
Russische Energiemachtambitionen und die globale Finanzkrise
[working paper]
Corporate Editor
Forschungsinstitut der Deutschen Gesellschaft für Auswärtige Politik e.V.
Abstract "For the time being, the current financial crisis has halted the Russian economic boom. The government is
compelled to invest $ 100 billion for the bail-out of the banking system, money that comes from the Kremlin's
foreign-currency reserves totalling $ 600 billion. Currently, capital outflow exce... view more
"For the time being, the current financial crisis has halted the Russian economic boom. The government is
compelled to invest $ 100 billion for the bail-out of the banking system, money that comes from the Kremlin's
foreign-currency reserves totalling $ 600 billion. Currently, capital outflow exceeds the inflow. Having financed
their acquisitions with Western money, Russian oligarchs feel the pain too, as credits, due to the liquidity crisis,
are not granted anymore. The reform and modernization programme, proposed by Russian president Medvedev
earlier this year seems to have been postponed. The state appears to be gaining ground again. If the global price
of oil continues to fall, Moscow will not be able to implement the ambitious budget set for 2009. As yet, however,
it is too early to issue an obituary to Russia's economy. Speaking at the 'Russia Breakfast' on the implications
of the financial crisis for Russian energy policy, Tatiana Mitrova, head of the Centre for International
Energy Market Studies at the Energy Research Institute of the Russian Academy of Sciences emphasized
that the current condition represents a serious test case for the Russian economic system." (author's abstract)... view less
Keywords
Russia; economic development (on national level); energy policy; financial crisis
Classification
Special areas of Departmental Policy
National Economy
Document language
English
Publication Year
2008
City
Berlin
Page/Pages
3 p.
Series
DGAPaktuell, 7
Licence
Deposit Licence - No Redistribution, No Modifications
Data providerThis metadata entry was indexed by the Special Subject Collection Social Sciences, USB Cologne