ASSESSMENTS

Russia Loosens the Reins on Rosneft

MIN READApr 9, 2020 | 10:00 GMT

The walls surrounding the Kremlin are reflected on a plaque at the entrance of the oil company Rosneft's headquarters in Moscow. 

(DENIS SINYAKOV/AFP via Getty Images)

The Russian government no longer has a majority stake in Rosneft for the first time in the energy giant’s 27-year history. On March 28, Rosneft announced that it had sold all of its assets in Venezuela as part of a deal with the wholly government-owned company, Rosneftegaz. The sale is designed to shield the company’s Venezuelan operations from further U.S. sanctions, while still allowing Moscow to continue its support of the disputed rule of President Nicolas Maduro. But by continuing Rosneft's slow and steady shift toward privatization, the passing of this threshold could also open the company up to a more market-driven and prosperous future. ...

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