Word: putin
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...time for an oil rush. The West's leading oil companies are making a run for Russia just as President Vladimir Putin consolidates his power and reasserts control over the energy business (among other things). State interference in the economy - increased restrictions on foreign ownership, the assault on Yukos and big shifts in taxation - has raised concerns about Putin's commitment to the rule of law. Many Russians are voting with their wallets. This year capital flight will easily exceed $10 billion, up from $2 billion last year. Even some top officials have misgivings. Andrei Illarionov, Putin's chief economic...
...company's deal. When questioned earlier this year about the possible fallout from Yukos, Browne said: "At present, I would say - and I believe this will continue - that there has been no effect." That ties in with a common theory in Moscow that Khodorkovsky ran afoul of President Putin because he climbed into politics by financing opposition parties in last year's election...
...legal principles. If the Russian state can come down so heavy-handedly on one firm, the pro-Yukos camp argues, everyone is at risk. "It would be a very brave person that concluded Mr. Khodorkovsky is the end of the trail," says Tim Osborne, managing director of Menatep. Putin has said he wants to encourage Western investment and has no intention of destroying Yukos. Russian officials say the back-taxes claim is based on an official audit...
...back on its feet, and despite the earlier disputes, BP agreed to team up with Alfa to do the much bigger TNK deal. To help mitigate the political risk, BP took pains to keep the Russian government informed, and the final agreement was signed during a state visit by Putin to Britain. "Clearly, we needed to make sure the Russian state was not surprised by anything we did at any stage," says an executive involved in the transaction...
...more important things, which I think he's proven is true." When he returns, the band is actually eager to talk politics. "I really didn't like the idea of him appearing in a photograph with George Bush," says the Edge. "Larry didn't like seeing him with [Vladimir] Putin. But Bono felt that in the end, even though he agreed on some level, the benefits [of such photo ops] far outweigh the negatives. We're always discussing it, but then we discuss everything...