Russia's Energy Firms Seek to Weather the Economic Storm

Russian oil giant Rosneft is set to pay its next loan tranche of $7 billion on Feb. 13 amid rising financial and political concerns. As access to revenue and foreign credit become tighter in Russia, members of the Kremlin's elite are busy shoring up their positions and the assets and businesses they support. Russia's energy sector, which has long been a battleground for heavyweight politicians and firms, is one of the most crucial economic sectors being braced for shaky financial conditions. Russia's two largest energy firms, Gazprom and Rosneft, are attempting to secure continued access to funds, control over strategic projects and Russian President Vladimir Putin's political favor. The Kremlin will ensure that both firms survive the crisis, but it will balance their individual interests with the larger interests of the Kremlin and Russia.