Stability is the hot new commodity. If you can’t deliver that, it doesn’t matter much what else you can supply. This is especially true of energy. The current upheavals in the Arab world have suddenly cast Russia in a favorable light. Not long ago the buzz was that the Mikhail Khodorkovsky case proved that Russia was no place to invest. Now, however, Russia’s power vertical is viewed not as a source of caprice and oppression but rather of dependable equilibrium.
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