7YYR0004 Module: Oil, Gas and Modernisation in Russia

Final Essay Questions Spring 2025

Submit by: Monday, April 29, 2025, 3pm

Choose only 1 question

- An extensive literature suggests that wealth in mineral resources has had an

overall negative impact on economic development on a range of countries.

Has post-Soviet Russia’s economic development been “cursed” by oil?

- Many oil-exporting countries have wasted/mismanaged a resource boom.

Russia experienced two major oil booms between 2000 and 2020. Did

Russia mismanage these booms? Why/why not and in what aspects (of the

Russian economy)?

- Russia has been a latecomer in establishing oil savings funds. One of the

oil funds (the Reserve Fund) formally ceased to exist at the beginning of

2018. How would you describe Russia’s experience with oil funds? What

have been the key areas of success and failure? What explains the outcome?

- Russia witnessed a cycle of privatizations in the oil sector during the

1990s, followed by a cycle of rising state ownership during the 2000s. Since

then, private and state-owned oil companies have continued to coexist in

Russia. Does the type of ownership in the oil sector make any difference?

How? While answering, provide concrete examples by picking at least one

state-owned and one private oil company.

- Economic diversification has been a central theme on the policy agenda of

Putin’s Russia. How would you explain the failure encountered by the key

diversification policies implemented by the Russian leadership? Explain by

providing several examples of policies aimed at economic diversification.

-The establishment of an innovation-based economy has been a central

theme on the policy agenda of Putin’s Russia. How would you explain the

failure encountered in key innovation policies implemented in Russia?

Explain by providing several examples of policies aimed at fostering

innovation.

- As the Russian economy remains largely reliant on minerals, many would

argue that it is far from prepared for a post-hydrocarbon world. Explain why

the Russian leadership has failed to build a new economy that is resilient to

structural shifts in global energy markets.

- Since its annexation of Crimea, the Russian leadership has put an emphasis

on import substitution. Evaluate the policy in terms of its success/failure and

explain what brought this outcome.

- Russia has faced a series of intensifying sanctions since its invasion of

Ukraine. Evaluate the impact of sanctions on the economy since 2022, and

explain why their effect has remained limited (as of early 2025).

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