Kremlin tightens grip on Russian oil

The curtain has fallen on Act One of Russia’s oil denationalization with the state poised to win control of almost a third of the industry with annual revenues of some $50 billion, a six-fold jump in two years.

Act Two is about to begin with industry watchers asking whether the Kremlin will continue its asset grab or take a break as it already has almost full indirect control over the riches of the world’s second largest oil exporter.