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RUSSIA-INDIA-POLITICS-DIPLOMACY

President Vladimir Putin  © Getty Images

Of all those damaged by the oil price collapse, few are in a more difficult position than Russia. High prices have sustained the Russian economy since Vladimir Putin came to power in 1999. Hydrocarbons provide the overwhelming proportion of export revenue. Now something radical may be needed to avert economic collapse and political dissent.

Privatisation is back on the agenda of the international oil industry. Although the prospect of the Saudis selling a share in Aramco has been tantalisingly floated by the Saudi deputy crown prince Mohammed bin Sultan in his interview with the Economist two weeks ago, there are other potential sales that are likely to be completed sooner. The most intriguing is the possibility that the Russian government will sell off another slice of its 69.5 per cent holding in Rosneft. Read more

Over the years, many governments, rivals, oligarchs and commentators have underestimated Vladimir Putin – often to their cost. When he came to power back in 1999, he was seen as simply a poodle, a temporary, technocratic figure as Mr Yeltsin’s prime minister with no political presence of his own. Some 13 years later, he is one of the longest serving leaders in the world.

Russia is no democratic paradise but by and large Mr Putin has avoided open conflicts and had begun to re-establish a position for Russia in the world – not quite the superpower it once was but rather as a country with a strong government that no one can afford to ignore. Read more