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In Russia, oil and gas, rather than the army and the navy, are being touted as the country’s most important assets.

Oil and gas continues to dominate the Russian economy despite attempts at modernization and diversification. The oil sector is the main revenue provider. Russia remains very exposed to global oil prices; a fall even to $80/bbl would be serious.

In 2012, the revenue from raw materials including oil and gas accounted for 50.2 percent of the Russian government’ s total revenue, and in 2011 it was around 48 percent.

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Global Resource Politics: the Past, Present and Future of Oil, Gas and Shale

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