Power plant for Lukoil’s refinery in Volgograd, Russia. The Moscow-based company is one of the world’s largest publicly traded, vertically integrated oil and gas companies, with over 100,000 employees, and refines over 1.2 million barrels per day. Press release image, courtesy of Lukoil.

Russia’s economy is much more than a “big gas station.” Under sanctions, that’s now its biggest problem.

By Janis Kluge, November 9, 2022

https://thebulletin.org/wp-content/uploads/2022/10/Lukoil-150x150.jpeg

Power plant for Lukoil’s refinery in Volgograd, Russia. The Moscow-based company is one of the world’s largest publicly traded, vertically integrated oil and gas companies, with over 100,000 employees, and refines over 1.2 million barrels per day. Press release image, courtesy of Lukoil.

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References

CNN. 2014. “McCain: Russia a ‘gas station.’ ” CNN Politics Live Interview with Candy Crowley, March 16. https://edition.cnn.com/videos/politics/2014/03/16/sotu-sot-mccain-ukraine-a-gas-station.cnn.

Cohen, P., and Ewing, J. 2022. “What’s at Stake for the Global Economy as Conflict Looms in Ukraine.” New York Times. February. https://www.nytimes.com/2022/02/21/business/economy/ukraine-russia-economy.html.

Faiola, A. 2022. “Mass flight of tech workers turns Russian IT into another casualty of war.” Washington Post. May 1. https://www.washingtonpost.com/world/2022/05/01/russia-tech-exodus-ukraine-war/.

Moscow Times. 2022. “Deutsche Bank Moves Hundreds of IT Workers from Russia to Germany.” June 7. https://www.themoscowtimes.com/2022/06/07/deutsche-bank-moves-hundreds-of-workers-from-russia-to-germany-ft-a77922.

Perkins, R. 2022. “Russia seaborne oil exports at 3-year highs despite sanctions shake-up.” S&P Global Commodity Insights. June 16. https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/061522-russia-seaborne-oil-exports-at-3-year-highs-despite-sanctions-shake-up.

Reuters. 2022. “Russian car production suffers record 96.7% slump in May.” June 29. https://www.reuters.com/article/russia-auto-idUSS8N2V30IK.

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Jenny Agutter fan
Jenny Agutter fan
1 year ago

For once I’d like to see a Russian politician call for moving the RF to solar energy. Of course, we’re probably more likely to see the Duma repeal the anti-LGBT laws.