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Article
Publication date: 6 June 2019

Daniel J. McCarthy, Sheila M. Puffer and Daniel M. Satinsky

The purpose of this paper is to examine the dramatically changed role of Russia in the global economy since the dissolution of the Soviet Union in 1991, as the Soviet…

Abstract

Purpose

The purpose of this paper is to examine the dramatically changed role of Russia in the global economy since the dissolution of the Soviet Union in 1991, as the Soviet institutions collapsed and were either reformed or replaced in a new Russian institutional landscape. The paper presents a fact-based and balanced view of Russia’s evolving role in the global economy, as distinguished from the sometimes one-sided view presented by some Western commentators. The authors establish that the two countervailing views are fundamentally based on different cultural perspectives about institutions, primarily the roles of business and government.

Design/methodology/approach

This paper is developed as a perspectives article drawing upon the decades of academic and business experience of all three authors with Russian business, management and the economy. The paper focuses on the structure of Russian institutional change and places it within the historical context of the challenges of various periods of time from the late 1980s to the present. The authors posit that cultural foundations complicate that institutional evolution.

Findings

Russia will remain a major player in world markets for energy, raw materials and armaments for the near future at least. Principal institutional questions facing Russia have to do with how to reduce the country’s overall dependence on raw material exports, with its vulnerability to world market fluctuations, and how to modernize Russian economic and political institutions. The degree of success in addressing these questions will depend largely upon the ability of the new and reformed economic institutions to show the flexibility to respond to changes in the global order, on whether political considerations will continue to supersede economic issues, and how markedly cultural traditions will continue to impede positive changes.

Research limitations/implications

The entire system of international trade is under question, disrupted by the growing nationalism that is threatening the globalization that became institutionalized over decades in the wake of the Second World War. Russia’s future role is partially dependent upon how new patterns of international trade develop in response to the current disruption of established trade regimes, and by how political conflicts are expressed economically. The authors observe that Russia’s historical and cultural traditions, especially acquiescence to a highly centralized government with a strong autocratic leader, limit the country’s options. The authors explore how Russia’s reactions to Western sanctions have led to a new strategic approach, moving away from full engagement in the global economy to selective economic, and sometimes political, alliances with primarily non-Western countries, most notably China. The authors contrast Russia’s situation with that of China, which has been able to make substantial economic progress while still embracing a strong, centralized political institutional structure.

Originality/value

Many Western analysts have viewed Russian institutional evolution very critically through the lens of Western politics and sanctions, while Russia has continued along its own path of economic and institutional development. Each view, the authors argue, is based upon differing cultural perspectives of the roles of business and government. As a result, a distinct difference exists between the Western and Russian perspectives on Russia’s role in the world. This paper presents both points of view and explores the future of Russia’s position in the world economy based upon its evolving strategy for national economic policy. The authors contrast the situations of Russia and China, highlighting how Western-centric cultural views have affected perceptions of each country, sometimes similarly and at times with decided differences.

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Article
Publication date: 29 August 2008

Marvin Baker Schaffer

Russian dominance of the Eurasian natural gas delivery system has put the independence of the EU's foreign policy at risk. Although Europe is struggling to counteract the

Abstract

Purpose

Russian dominance of the Eurasian natural gas delivery system has put the independence of the EU's foreign policy at risk. Although Europe is struggling to counteract the threat, Russia appears to be winning the game. This paper aims to recommend significant measures to reverse the trend.

Design/methodology/approach

This is a discussion paper exploring the issues involved.

Findings

Russia's stranglehold already has acquired 25 percent of the European market. Moreover, it is installing four new pipelines, and plans to increase its market share substantially. In response, Europe is building or planning three new pipelines. The author recommends additionally: strategic gas reserves, anti‐trust prosecution, financial and political inducements, and offering WTO membership to Russia in exchange for concessions.

Practical implications

Europe can win the great natural gas pipeline game if it is played with commitment. Europe must focus on the big prize, natural gas independence.

Originality/value

This original research viewpoint contains suggestions for the EU and Europe to increase their energy security.

Details

Foresight, vol. 10 no. 5
Type: Research Article
ISSN: 1463-6689

Keywords

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Abstract

Iran’s potential to expand its natural gas exports has received a great deal of attention since Hassan Rouhani’s election in 2013. Rouhani’s presidency centered around adopting a foreign policy approach to actively promote a constructive engagement and dialogue with the West, as well as seriously pursuing diplomatic and prudent interactions with Iran’s immediate neighbors and beyond on an equal footing with a view toward advancing mutual accommodation, respect, and shared interests. This chapter’s central argument is that Iran’s ability to export natural gas to Europe depends largely upon maintaining stable and strong trade ties with Turkey. The cooperation between these two countries, despite competition and occasional frictions, could arguably foster a balance of power at middle-power level countries that will be necessary for an enduring stability in the region.

Details

Reintegrating Iran with the West: Challenges and Opportunities
Type: Book
ISBN: 978-1-78441-742-0

Keywords

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Article
Publication date: 7 April 2015

Anatoliy G. Goncharuk

The purpose of this paper is to establish groups of stakeholders who win and lose from changes in natural gas prices and to develop practical recommendations for a state…

Abstract

Purpose

The purpose of this paper is to establish groups of stakeholders who win and lose from changes in natural gas prices and to develop practical recommendations for a state regulator for the optimal setting natural gas prices in the domestic market through an example of Ukraine.

Design/methodology/approach

In this study, to identify groups of stakeholders with gains and losses from the pricing of natural gas, the author used traditional methods of correlation and statistical regression analysis, including the ordinary least squares (OLS) method.

Findings

The main profit from natural gas remains in the extraction sector. The remaining profit is distributed among the various stakeholders. The consumers during rapidly rising gas prices have to rely on energy efficiency and switching to alternative, less costly resources. The existing system of unified natural gas price for all industrial consumers is inefficient and leads to the losses of the largest industrial sectors in Ukraine – metallurgy and chemical industry. With the help of the developed models, the author determined the critical levels of natural gas prices for these two industries.

Research limitations/implications

The study is limited by data about activity of eight key manufacturing companies, four gas distribution companies, and main state gas companies from two country only.

Practical implications

Defined levels can be used by a state regulatory authority as a boundary, above which these industries will be unprofitable and their fate along with hundred thousands of workers will be questionable.

Originality/value

This is the first paper that set the critical levels of natural gas prices for two manufacturing industries in Ukraine.

Details

International Journal of Energy Sector Management, vol. 9 no. 1
Type: Research Article
ISSN: 1750-6220

Keywords

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Article
Publication date: 11 September 2017

Alexander Chulok, Svetlana N. Slobodianik and Evgeny Moiseichev

This study aims to assess future prospects for Russian energy exports until 2040, as global energy markets are undergoing major changes, with possible impacts on Russia.

Abstract

Purpose

This study aims to assess future prospects for Russian energy exports until 2040, as global energy markets are undergoing major changes, with possible impacts on Russia.

Design/methodology/approach

Qualitative and quantitative approaches are integrated under a proposed foresight framework. The qualitative method involves an expert survey aimed at identifying major energy trends and their influence on Russia. As the trends are validated, an algorithm is proposed to assess the contribution of separate trends to Russian energy exports.

Findings

Experimental quantitative scenarios are conducted to assess the prospects for Russian energy exports until 2040 under the given exogenous scenario calculations of the IEA. Factor analysis allows for an assessment of the contribution of separate factors in dynamics of net energy imports into the regional economies. The future prospects for fossil fuels’ exports on regional markets are considered. Priority markets for Russian energy exporters are identified.

Practical implications

The results of the paper may be used by decision-makers for adjustments in the system of government policy or corporate strategy.

Originality/value

The paper provides an algorithm to assess energy export flows to macroregions based upon the synthesis of quantitative and qualitative information. Experimental scenario calculations of the Russian fossil fuels’ exports are provided. Strategic decision-making map is elaborated.

Details

foresight, vol. 19 no. 5
Type: Research Article
ISSN: 1463-6689

Keywords

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Expert briefing
Publication date: 23 August 2016

The decision to restart the TurkStream natural gas pipeline from Russia to Turkey.

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Article
Publication date: 4 January 2018

Vincenzo Bianco

The purpose of this study is to analyze the natural gas sector in Italy, with a specific focus on the regulatory framework, the development of infrastructures and the…

Abstract

Purpose

The purpose of this study is to analyze the natural gas sector in Italy, with a specific focus on the regulatory framework, the development of infrastructures and the supply and demand balance.

Design/methodology/approach

The research has been developed by applying qualitative and quantitative methodologies. In particular, a review and a qualitative analysis have been proposed to analyze the regulatory framework and the development of infrastructure, whereas the consumption trend is quantitatively examined by means of the decomposition analysis.

Findings

This study highlights how the legislation is complete and in line with European Union (EU) prescriptions, and how the infrastructure is quite well-developed, even though many expected developments are on hold due to the current market conditions. The supply and demand balance highlights a decreasing trend of the consumption owing to the aggressive development of renewables and permanence of a weak economic growth. Finally, the decomposition analysis of total and sectorial natural gas demand has emphasized that the increase of energy intensity can be considered responsible for a large share of consumption between 1995 and 2014.

Originality/value

The paper details the status of the natural gas sector in Italy, which is one of the largest consumers of natural gas within the EU. Despite its importance, the Italian natural gas sector has not been subjected to extensive research, and this paper represents a first attempt to provide an overview of the sector.

Details

International Journal of Energy Sector Management, vol. 12 no. 1
Type: Research Article
ISSN: 1750-6220

Keywords

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Expert briefing
Publication date: 15 January 2016

Mestan also implied that Borisov and Dogan were allied in promoting Russian interests in Bulgarian politics -- while Bulgaria's 'yellow press' accuses him of being a…

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Article
Publication date: 18 November 2013

Anatoliy G. Goncharuk

The paper aims to test the hypothesis about increasing the efficiency of gas distribution companies in the period of high gas prices on the example of Ukraine that is…

Abstract

Purpose

The paper aims to test the hypothesis about increasing the efficiency of gas distribution companies in the period of high gas prices on the example of Ukraine that is highly dependent on this energy source.

Design/methodology/approach

The basic and super-efficiency models of data envelopment analysis (DEA), Malmquist total factor productivity index, three-factor production function and other tools are used to analyse the efficiency of gas distribution companies. Some factors are examined for their impact on efficiency. The results are based on the samples of 33 Ukrainian gas distribution companies.

Findings

The author detects the decreasing returns to scale in the gas distribution sector, which means that Ukrainian gas companies get advantage reducing the volume of gas supply. Rise in prices for imported gas is reflected positively not only on the income of the exporting Russian supplier Gazprom, but also on the profitability of Ukrainian gas distribution companies. The losses associated with the policy decisions regarding a pricing of imported natural gas moved on the consumers of natural gas – the manufacturing sector of the economy and the population. Reallocation of net profit from the key export sectors of Ukraine in the gas sector is mainly caused by the fault of the state regulatory body.

Research limitations/implications

The research is limited by single industry and by relatively short data set. The former is explained by requirement of technology (product, service) homogeneity when using DEA tools. The latter is connected with specificity of the industry and generally little numbers of firms in it.

Practical implications

The results of researching contain the data and recommendations to companies' management and a state regulatory body to correct and optimize their decisions to make gas distribution system and economy more effective. These results can be practicable for companies' management, present and potential investors and proprietors, regulative public authority. It is possible to use the results of this research to make study for the other industries.

Originality/value

This is the first paper that studies the impact of high natural gas prices on the economy and gas distribution system of Ukraine.

Details

International Journal of Energy Sector Management, vol. 7 no. 4
Type: Research Article
ISSN: 1750-6220

Keywords

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Book part
Publication date: 8 November 2019

Tatsiana Zoryna

In this chapter, characteristic of the fuel and energy sector of Republic of Belarus; its organizational structure; the current state of development of power, gas, peat…

Abstract

In this chapter, characteristic of the fuel and energy sector of Republic of Belarus; its organizational structure; the current state of development of power, gas, peat, and oil industries are given. The energy balance of the country and the main power streams is analyzed. Characteristic of key indicators of energy security is presented. The main threats connected with ensuring energy security of Republic of Belarus are allocated. In particular, the characteristic of the directions of reducing the energy dependence of the Republic of Belarus on the supply of natural gas from the Russian Federation is presented. Dynamics of power consumption of GDP is analyzed. Potential of use of renewable and local energy resources, complexity and prospect of their further integration into the Belarusian power system are considered. The prospects of development of nuclear power of Republic of Belarus are described. The advantages and disadvantages connected with input of the Belarusian nuclear power plant in operation are designated. The perspective directions of sustainable power development of Republic of Belarus till 2035 are revealed.

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