Gazprom’s and Rosneft’s enormous size and outsized roles in the domestic and global economies mean the Kremlin grants them priority attention. At the height of the commodity boom, Russian President Vladimir Putin bragged about them as unstoppable global industry leaders. Now over ten years later, the picture looks quite different. Low prices and increased international competition are threatening Gazprom and Rosneft, yet there’s any scant evidence of effort to overhaul them to keep them competitive. What lies in Russia’s energy future, and what is needed to keep Russian energy competitive?

The authors of the report, Dr. Anders Åslund, Senior Fellow, Eurasia Center and Steven Fisher, an emerging markets banking and corporate governance professional, present their research on Russia’s national champions. Dr. Agnia Grigas, Senior Fellow, Eurasia Center, Atlantic Council; Edward Chow, Senior Associate, Energy Security and Climate Change Program, Center for Strategic and International Studies, join the panel and Ambassador Richard L. Morningstar, Founding Chairman, Global Energy Center, Atlantic Council, moderates.

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Jun 5, 2020

New challenges and dwindling returns for Russia’s national champions, Gazprom and Rosneft

By Anders Åslund & Steven Fisher

As Russia’s economic future is clouded by negative demographic trends, new energy technologies and efficiencies, volatile commodity prices, and the likelihood of continued Western sanctions, Gazprom and Rosneft, Russia’s two natural resource champions face a comeuppance: international competition, global and regional market access, capital investment, and revenue/cost efficiency.

Economy & Business Geopolitics & Energy Security

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The Eurasia Center’s mission is to promote policies that strengthen stability, democratic values, and prosperity in Eurasia, from Eastern Europe in the West to the Caucasus, Russia, and Central Asia in the East.