Monday, November 03, 2008

Russia's "Look East" Strategy

The strategic plan for the development of Russia's foreign economic ties to 2020 apparently identifies China and India as Russia's leading partners for future development. This appears to be an attempt to balance Russia's existing dependence on Europe (as well as tying Russia's own economic growth to Europe's continued demand for Russian resources). India's ONGC is expected to get approval for its purchase of the British firm Imperial Energy which operates assets in Western Siberia; other sources indicate that by November 25, an agreement between Rosneft and Transneft and China's National Petroleum Company should be ready on supplying China via a Siberian oil pipeline supplying some 300,000 barrels per day.

A lot of talk, as usual, at the prime ministers' summit of the Shanghai Cooperation Organization last week--but of interest is to monitor whether the economic dimension of the group continues to develop or not, especially in light of the economic slowdowns in Europe and the United States.

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