Building a world of
resilient communities.

MAIN LIST

 

Russia bans foriegn control of resources - rest of BRIC to follow?

Russia closed the door on foreign companies. She will bar foreign-owned companies from bidding for the country's most lucrative natural resources this year in the most explicit and sweeping manifestation of a nationalistic state policy developed under the presidency of Vladimir Putin.

Foreign-controlled companies in Russia will no longer be allowed to develop major natural resource deposits, Russian Natural Resources Minister Yuri Trutnev said Feb. 10.

Affected projects include the Sakhalin-3 oil field, which Exxon Mobil planned to develop; the Sukhoi Log gold mines and the Udokan copper deposit. Only companies with majority-Russian ownership will be allowed to develop these deposits.

China already protects her natural resources from foreign companies. India has a similar policy in place though things are under review from the current Indian administration.

Brazil and South Africa right now are open but according to sources may consider otherwise. The BRICS nations these move together and support each other.

Russian President Putin’s move makes it clear for BRICS alliance that the trend will be more nationalistic. The net loser will be Western mining and drilling companies dependent on natural resources of countries like Brazil and South Africa.

Editorial Notes: Original title: "Russia closes door to Foreign Companies trying to develop mineral resources in Russia – will BRICS (Brazil, India, China and South Africa) follow?". Feb. 11, 2005 -LJ

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.


Why the Wild Descent of Oil Is Cause for Concern

The signs of oil's madcap price collapse are everywhere.

It's not Rocket Surgery: Choosing an Indoor Mini Wood stove for a Tiny House

This article will focus on one item which can keep you comfortable in cold …

Peak Oil Review - Feb 8

 A weekly roundup of peak oil news, including: -Oil and the global …

California Offshore Oil Fracking Permits Halted While Federal Government Performs Environmental Review

The U.S. federal government will stop approving offshore oil fracking …

Peak Oil Review - a Midweek Update - Feb 4

 A midweek update. Price volatility increased this week with oil …

Renewables Could Outcompete Costly, Risky LNG, Investors Warned

A new industry report warns investors, governments and regulators that …

State of The Transition: Oil Oversupply, Shale Bankruptcies, Gas Leaks, and a Whiff of Securities Fraud

There is bad news everywhere for the oil and gas industry.