Russia’s Humble Pie

According to the EU Observer, Gazprom’s fourth-quarter profits in 2008 dropped 84 percent, to €811 million. That means a decline of €4.2 billion. Ouch. What’s more, Gazprom is limping into the lean years carrying a whopping €30 billion in debt. I imagine all the windfalls from the fat years went straight into Russia’s reserve fund, but Moscow has been burning through that to prop up the ruble and finance its budget deficit. According to Russian Finance Minister Alexei Kudrin (via Robert Amsterdam), the fund will be “practically exhausted” in 2010. In mid-April, Kudrin suggested that Russia might turn to foreign […]

Keep reading for free right now!

Enter your email to get instant access to the rest of this article, get five free articles every 30 days, and to receive our free email newsletter:

Or, Subscribe now to get full access.

Already a subscriber? Log in here .

What you’ll get with an All-Access subscription to World Politics Review:

A WPR subscription is like no other resource — it’s like having your own personal researcher and analyst for news and events around the globe. Become a member now, and you’ll get:

  • Immediate and instant access to the full searchable library of 15,000+ articles
  • Daily articles with original analysis, written by leading topic experts, delivered to you every weekday
  • Daily links to must-read news, analysis, and opinion from top sources around the globe, curated by our keen-eyed team of editors
  • Weekly in-depth reports, including features on important countries and issues.
  • Your choice of weekly region-specific newsletters, delivered to your inbox.
  • Smartphone- and tablet-friendly website.
  • Completely ad-free reading.

And all of this is available to you — right now for just $1 for the first 30 days.

More World Politics Review