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Review Article Open Access
This paper argues that this perception of the gas liberalization process in Russia is far too rosy. The analysis of the gas liberalization process in Russia demonstrates that there have been very few changes made in the legislative framework that would favor the opening of the market and the involvement of all independent gas players. We find that many of the gas “reforms” undertaken are still such that favor Gazprom and the Kremlin’s control over the sector. We find that the changes in market share are not an outcome of the gas liberalization process, and that many of the reforms (i.e., liberalization of the export market and more favorable regulatory conditions) only apply to two purportedly “independent” gas companies (Rosneft and Novatek) that are in reality owned by Russian President Vladimir Putin’s close circle of friends.
Gas liberalization, Russia, Foreign investors, Economic, General finance, HRM, Microfinance, Multinational finance, Business Research, Corporate governance system, Financial Management services, Managerial accounting, Health Management, Logistics management , Entrepreneurship , CRM, BCM, Risk management