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142-570: PJSC Gazprom (Russian: Газпром , IPA: [ɡɐsˈprom] ) is a Russian majority state-owned multinational energy corporation headquartered in the Lakhta Center in Saint Petersburg. The Gazprom name is a contraction of the Russian words gazovaya promyshlennost ( газовая промышленность , gas industry). In January 2022, Gazprom displaced Sberbank from the first place in the list of

284-551: A bond issue of US$ 2.5 billion. Chernomyrdin, as Prime Minister of Russia , ensured Gazprom avoided tight state regulation. Gazprom evaded taxes, and the Government of Russia received little in dividends . Gazprom managers and board members, such as Chernomyrdin and the Gazprom Chief Executive Officer , Rem Viakhirev , engaged in asset-stripping . Gazprom assets were shared amongst their relatives. Itera ,

426-574: A communist-led revolution in Afghanistan, Soviet forces invaded the country, ultimately starting the Soviet–Afghan War . In May 1988, the Soviets started to withdraw from Afghanistan , due to international opposition, persistent anti-Soviet guerrilla warfare, and a lack of support by Soviet citizens. From 1985 onwards, the last Soviet leader Mikhail Gorbachev , who sought to enact liberal reforms in

568-622: A monopoly in the gas sector. In December 1992, when Boris Yeltsin , the Russian President , appointed Viktor Chernomyrdin , Gazprom's Chairman, his Prime Minister , the company's political influence increased. Rem Viakhirev took the chairmanship of Gazprom's Board of Directors and Managing Committee. Following the Decree of the President of the Russian Federation of 5 November 1992, and

710-626: A troika was designated to take charge. Eventually Joseph Stalin , the General Secretary of the Communist Party , managed to suppress all opposition factions and consolidate power in his hands to become the country's dictator by the 1930s. Leon Trotsky , the main proponent of world revolution , was exiled from the Soviet Union in 1929, and Stalin's idea of Socialism in One Country became

852-522: A 3.8% increase from the 2011 figure which represented 18.4% of the world's reserves. In 2015, the reserves of crude oil were 1.355 billion tons and the reserves of gas condensate were 933.3 billion tons. 59.8 percent of Gazprom's natural gas reserves (Categories A+B+C1) were located in the Urals Federal District (decreasing), 20.5 percent in the Arctic shelf (increasing), and 8.3 percent in

994-629: A 41.4 GW capacity. The UGSS is the largest gas transmission system in the world. In 2008, the transportation system carried 714.3 billion cubic metres (25.23 trillion cubic feet) of gas. Gazprom has claimed the UGSS has reached its capacity. Major transmission projects include the Nord Stream pipelines as well as pipelines inside Russia. In 2021 Russia had two large liquefied natural gas (LNG) production plants, Yamal LNG and Sakhalin-2 LNG both of which Gazprom has an interest in. In March 2021,

1136-595: A Varangian from the Rus' people , named Rurik , was elected ruler of Novgorod in 862. In 882, his successor Oleg ventured south and conquered Kiev , which had been previously paying tribute to the Khazars . Rurik's son Igor and Igor's son Sviatoslav subsequently subdued all local East Slavic tribes to Kievan rule, destroyed the Khazar Khaganate, and launched several military expeditions to Byzantium and Persia . In

1278-411: A country spanning Eastern Europe and North Asia . It is the largest country in the world by area , extending across eleven time zones and sharing land borders with fourteen countries . It is the world's ninth-most populous country and Europe's most populous country . Russia is a highly urbanised country including 16 population centres with over a million inhabitants. Its capital and largest city

1420-451: A crisis. By 1991, economic and political turmoil began to boil over as the Baltic states chose to secede from the Soviet Union. On 17 March, a referendum was held, in which the vast majority of participating citizens voted in favour of changing the Soviet Union into a renewed federation . In June 1991, Boris Yeltsin became the first directly elected President in Russian history when he

1562-536: A gas trading company also received Gazprom assets. In March 1998, for reasons unrelated to his activities at Gazprom, Chernomyrdin was fired by Yeltsin. On 30 June 1998, Chernomyrdin was made Chairman of the Board of Directors of Gazprom. When, in June 2000, Vladimir Putin became the President of Russia, he acted to gain control over Russia's oligarchs , and increase the Government of Russia's control in important companies through

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1704-639: A global superpower. After World War II, according to the Potsdam Conference , the Red Army occupied parts of Eastern and Central Europe, including East Germany and the eastern regions of Austria . Dependent communist governments were installed in the Eastern Bloc satellite states. After becoming the world's second nuclear power , the Soviet Union established the Warsaw Pact alliance, and entered into

1846-590: A joint company Shtokman Development AG for development of the field. On 8 April 2013, in Amsterdam, Alexey Miller , chairman of the Gazprom management committee, and Jorma Ollila , chairman of the board of directors of Royal Dutch Shell , signed in the presence of Putin and Mark Rutte , prime minister of the Netherlands , a memorandum outlining the principles of cooperation within hydrocarbons exploration and development in

1988-778: A large confederacy, which was subsequently taken over by the Cumans and the Kipchaks . The ancestors of Russians are among the Slavic tribes that separated from the Proto-Indo-Europeans, who appeared in the northeastern part of Europe c.  1500  years ago. The East Slavs gradually settled western Russia (approximately between modern Moscow and Saint-Petersburg ) in two waves: one moving from Kiev towards present-day Suzdal and Murom and another from Polotsk towards Novgorod and Rostov . Prior to Slavic migration, that territory

2130-466: A north fork to Hungary. On 18 December 2007, Frank-Walter Steinmeier (who was then Foreign Minister of Germany) and Dmitry Medvedev signed an agreement on behalf of BASF to exploit another gas field. At the time, German demand was 40% covered by Russian supply. Some German academics warned that Germany had become too dependent of Russia but Steinmeier, citing the new Ostpolitik , disregarded them. On 11 February 2008 Kuprianov threatened Ukraine with

2272-549: A price of $ 285 per 1,000 cubic metres . At the same time, based on their respective contracts with Gazprom, German customers paid $ 250 per cubic metre (m), Polish customers $ 290 per m, Ukraine customers $ 130 per m and Russian customers $ 49 per m. Since the start of the Russian invasion of Ukraine in February 2022 and as a result of falling export revenue, the domestic market will see price rises of 34% by July 2025. Gazprom delivered gas to 25 European countries. Its main export arm

2414-588: A program of national champions . Putin fired Chernomyrdin from his position as the Chairman of the Gazprom board. The Russian Government's stock in Gazprom gave Putin the power to vote out Viakhirev. Chernomyrdin and Viakhirev were replaced by Dmitry Medvedev and Alexei Miller . They were Putin's prior employees in Saint Petersburg . Putin's actions were aided by the shareholder activism of Hermitage Capital Management Chief Executive Officer William Browder , and

2556-661: A public objective. For that reason, SOEs primarily operate in the domain of infrastructure (e.g., railway companies), strategic goods and services (e.g., postal services, arms manufacturing and procurement), natural resources and energy (e.g., nuclear facilities, alternative energy delivery), politically sensitive business, broadcasting, banking, demerit goods (e.g., alcoholic beverages ), and merit goods (healthcare). SOEs can also help foster industries that are "considered economically desirable and that would otherwise not be developed through private investments". When nascent or 'infant' industries have difficulty getting investments from

2698-435: A regular enterprise, state-owned enterprises are typically expected to be less efficient due to political interference, but unlike profit-driven enterprises they are more likely to focus on government objectives. In Eastern Europe and Western Europe , there was a massive nationalization throughout the 20th century, especially after World War II . In the Eastern Bloc , countries adopted very similar policies and models to

2840-618: A secret protocol within the Molotov–Ribbentrop Pact with Nazi Germany . The Soviet Union later invaded Finland , and occupied and annexed the Baltic states , as well as parts of Romania . On 22 June 1941, Germany invaded the Soviet Union , opening the Eastern Front , the largest theater of World War II. Eventually, some 5 million Red Army troops were captured by the Nazis;

2982-546: A state-owned company. Some analysts said the amount paid by Rosneftegaz for the stock was too low. The sale was completed by 25 December 2005. With the purchased stock and the thirty-eight percent share held by the State Property Committee, the Government of Russia gained control of Gazprom. The Government of Russia revoked the Gazprom twenty percent foreign ownership rule and the company became open to foreign investment. In September 2005, Gazprom bought 72.633 percent of

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3124-684: A stoppage of flow; in January 2009 the threat was executed, beginning the 2009 Russia–Ukraine gas dispute . BASF's Jürgen Hambrecht was concerned about the reliability of his firm's supply but Miller assuaged his worries in a phone call, and the Europeans did nothing to change course for more than a decade. On 1 December 2014, during a visit to Turkey , Putin said the SouthStream project would not proceed and 63 billion cubic metres per year (bcm/y) of gas would be shipped to Turkey instead of Bulgaria . Bulgaria

3266-508: A struggle for global dominance, known as the Cold War , with the rivalling United States and NATO . After Stalin's death in 1953 and a short period of collective rule , the new leader Nikita Khrushchev denounced Stalin and launched the policy of de-Stalinization , releasing many political prisoners from the Gulag labour camps. The general easement of repressive policies became known later as

3408-560: A subsidiary of BP plc , agreed to sell its stake in Kovykta field in Siberia to Gazprom after the Government of Russia questioned BP's right to export gas from Russia. On 1 August 2007, Gazprom's Sergey Kuprianov threatened Belarus with stoppage of their gas flow if the latter failed to pay off their debts and if so they would experience a 300% price increase. Two days later he saw significant progress towards payment and he expected to be paid by

3550-419: A trading loss and the need to increase the price in the domestic market by 34% over 3 years. Gazprom has also opened itself up to compensation claims for failure to supply gas under long term contracts. In 2011, Gazprom produced 513.17 billion cubic metres (18.122 trillion cubic feet) of natural gas, which was 17 percent of the worldwide production and 83 percent of Russian production. Of this amount,

3692-564: Is Moscow . Saint Petersburg is Russia's second-largest city and its cultural capital . The East Slavs emerged as a recognised group in Europe between the 3rd and 8th centuries CE. The first East Slavic state, Kievan Rus' , arose in the 9th century, and in 988, it adopted Orthodox Christianity from the Byzantine Empire . Kievan Rus' ultimately disintegrated; the Grand Duchy of Moscow led

3834-511: Is Gazprom Export LLC, founded in 1973 and before 1 November 2006 known as Gazexport, which has a monopoly on gas exports to countries outside of the former Soviet Union. The majority of Russian gas in Europe is sold on 25-year contracts. In late 2004, Gazprom was the sole gas supplier to Bosnia and Herzegovina, Estonia, Finland, Macedonia, Latvia, Lithuania, Moldova, Serbia and Slovakia. It provided 97 percent of Bulgaria's gas, 89 percent of Hungary's gas, 86 percent of Poland's gas, nearly 75 percent of

3976-562: Is a viable argument for SOEs is debated. SOEs are also frequently employed in areas where the government wants to levy user fees , but finds it politically difficult to introduce new taxation. Next, SOEs can be used to improve efficiency of public service delivery or as a step towards (partial) privatization or hybridization. SOEs can also be a means to alleviate fiscal stress, as SOEs may not count towards states' budgets. Compared to government bureaucracy, state owned enterprises might be beneficial because they reduce politicians' influence over

4118-753: Is approximately 70% of total employment. State-owned enterprises are thus a major factor behind Belarus's high employment rate and a source of stable employment. In most OPEC countries, the governments own the oil companies operating on their soil. A notable example is the Saudi Arabian national oil company , Saudi Aramco , which the Saudi government bought in 1988, changing its name from Arabian American Oil Company to Saudi Arabian Oil Company. The Saudi government also owns and operates Saudi Arabian Airlines , and owns 70% of SABIC as well as many other companies. China's state-owned enterprises are owned and managed by

4260-542: Is debatable what the term "state" implies (e.g., it is unclear whether municipally owned corporations and enterprises held by regional public bodies are considered state-owned). Next, it is contestable under what circumstances a SOE qualifies as "owned" by a state (SOEs can be fully owned or partially owned; it is difficult to determine categorically what level of state ownership would qualify an entity to be considered as state-owned since governments can also own regular stock , without implying any special interference). Finally,

4402-602: Is highlighted in the predominant local terminology, with SOEs in Canada referred to as a " Crown corporation ", and in New Zealand as a " Crown entity ". The term " government-linked company " (GLC) is sometimes used, for example in Malaysia , to refer to private or public (listed on a stock exchange) corporate entities in which the government acquires a stake using a holding company . The two main definitions of GLCs are dependent on

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4544-811: The Arctic shelf and a section of the deep-water shelf. In 2008, Gazprom carried out 284.9 kilometres (177.0 mi) of explorative well drilling; 124,000 kilometres (77,000 mi) of 2D seismic and 6,600 square kilometres (2,500 sq mi) of 3D seismic survey. As a result, gas reserves grew by 583.4 billion cubic metres (20.60 trillion cubic feet), and crude oil and gas condensate reserves grew by 61 million tons. Gazprom carries out prospecting and exploration in foreign countries such as India , Pakistan , Algeria , Venezuela , Vietnam , Libya , Kazakhstan , Uzbekistan , Kyrgyzstan and Tajikistan . Gazprom's Unified Gas Supply System (UGSS) includes 158,200 kilometres (98,300 mi) of gas trunklines and branches and 218 compressor stations with

4686-542: The Baltic Sea for sea transportation westward. It would process ethane -containing natural gas with a capacity of 13 million tons of LNG per year. In 2024, Gazprom faced a significant shortage of LNG tankers, leading the company to use the Marshal Vasilevskiy floating storage and regasification unit (FSRU) for exporting LNG from its Portovaya facility. This shortage occurred because Gazprom's regular tankers, such as

4828-543: The Battle of Kursk in the summer of 1943. Another German failure was the Siege of Leningrad , in which the city was fully blockaded on land between 1941 and 1944 by German and Finnish forces, and suffered starvation and more than a million deaths, but never surrendered. Soviet forces steamrolled through Eastern and Central Europe in 1944–1945 and captured Berlin in May 1945. In August 1945,

4970-715: The Black Sea . In 1997, the Blue Stream Pipeline agreement between Turkey and Russia was signed. In 2000, the first joint was welded. The pipeline has transported 16 billion cubic meters each year. Exploration of the Yamal peninsula has found reserves of over 10 trillion cubic metres of natural gas and over 500 million tons of oil and gas condensate. About 60 percent of these reserves are located in Bovanenkovo , Kharasavey and Novoportovo. The natural gas production capacity of

5112-731: The Brusilov Offensive of the Imperial Russian Army almost completely destroyed the Austro-Hungarian Army . However, the already-existing public distrust of the regime was deepened by the rising costs of war, high casualties , and rumors of corruption and treason. All this formed the climate for the Russian Revolution of 1917, carried out in two major acts. In early 1917, Nicholas II was forced to abdicate ; he and his family were imprisoned and later executed during

5254-570: The China National Petroleum Corporation made a contract worth $ 400 billion over thirty years. The contract was for Gazprom to deliver 38 billion cubic meters of natural gas per year to China beginning in 2018. In August 2014, construction began with pipes for the Power of Siberia pipeline delivered to Lensk, Yakutia. Russia will start supplying natural gas to China through the Power of Siberia pipeline on 20 December 2019 as part of

5396-470: The Congress of Vienna , which defined the map of post-Napoleonic Europe. The officers who pursued Napoleon into Western Europe brought ideas of liberalism back to Russia, and attempted to curtail the tsar's powers during the abortive Decembrist revolt of 1825. At the end of the conservative reign of Nicholas I (1825–1855), a zenith period of Russia's power and influence in Europe, was disrupted by defeat in

5538-677: The Crimean War . Nicholas's successor Alexander II (1855–1881) enacted significant changes throughout the country, including the emancipation reform of 1861 . These reforms spurred industrialisation, and modernised the Imperial Russian Army, which liberated much of the Balkans from Ottoman rule in the aftermath of the 1877–1878 Russo-Turkish War . During most of the 19th and early 20th century, Russia and Britain colluded over Afghanistan and its neighbouring territories in Central and South Asia;

5680-521: The Eastern Front . With the onset of the Cold War , it competed with the United States for ideological dominance and international influence . The Soviet era of the 20th century saw some of the most significant Russian technological achievements , including the first human-made satellite and the first human expedition into outer space . In 1991, the Russian SFSR emerged from the dissolution of

5822-471: The European Union received about 25 percent of its gas supply from Gazprom. In 2006, Gazprom entered several long term gas contracts with European companies. The contract prices were mainly linked to oil prices. In 2014, Europe was the source of 40% of Gazprom's revenue. The proportion of Europe's gas bought in the spot market rose from 15 percent in 2008 to 44 percent in 2012. In September 2013, during

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5964-501: The G20 summit, Gazprom signed an agreement with CNPC that the Henry Hub index would not be used to settle prices for their trades. On 21 May 2014, Putin met with Xi Jinping and negotiated a $ 400bn deal between Gazprom and CNPC. Under the contract, Russia was to supply 38 billion cubic meters of gas annually over 30 years at a cost of $ 350 per thousand cubic meters beginning in 2018. In 2013,

6106-600: The Great Northern War (1700–1721), securing Russia's access to the sea and sea trade. In 1703, on the Baltic Sea, Peter founded Saint Petersburg as Russia's new capital. Throughout his rule, sweeping reforms were made , which brought significant Western European cultural influences to Russia. He was succeeded by Catherine I (1725–1727), followed by Peter II (1727–1730), and Anna . The reign of Peter I's daughter Elizabeth in 1741–1762 saw Russia's participation in

6248-672: The Khrushchev Thaw . At the same time, Cold War tensions reached its peak when the two rivals clashed over the deployment of the United States Jupiter missiles in Turkey and Soviet missiles in Cuba . In 1957, the Soviet Union launched the world's first artificial satellite , Sputnik 1 , thus starting the Space Age . Russian cosmonaut Yuri Gagarin became the first human to orbit

6390-572: The Nord Stream 2 contracts were signed, and by July 2021 the pipeline was commissioned. Following the Russian invasion of Ukraine in February 2022, the threat by Russia of reducing the supply of gas to Europe risked the Gazprom export market. When it was implemented, exports by Gazprom fell from the 185Bcm achieved in 2021 to 100Bcm in 2022 and fell again in 2023. The revenue of Gazprom, whilst initially supported by high prices collapsed in 2023 resulting in

6532-681: The Oldowan period in the early Lower Paleolithic . About 2 million years ago, representatives of Homo erectus migrated to the Taman Peninsula in southern Russia. Flint tools, some 1.5 million years old, have been discovered in the North Caucasus . Radiocarbon dated specimens from Denisova Cave in the Altai Mountains estimate the oldest Denisovan specimen lived 195–122,700 years ago. Fossils of Denny , an archaic human hybrid that

6674-508: The Resolution of the Government of Russia of 17 February 1993, Gazprom became a joint-stock company . Gazprom began to distribute shares under the voucher method . (Each Russian citizen received vouchers to purchase shares of formerly state-owned companies). By 1994, 33% of Gazprom's shares had been bought by 747,000 members of the public, mostly in exchange for vouchers. Fifteen percent of

6816-556: The Rurik dynasty that ruled Kievan Rus' collectively. Kiev's dominance waned, to the benefit of Vladimir-Suzdal in the north-east, the Novgorod Republic in the north, and Galicia-Volhynia in the south-west. By the 12th century, Kiev lost its pre-eminence and Kievan Rus' had fragmented into different principalities. Prince Andrey Bogolyubsky sacked Kiev in 1169 and made Vladimir his base, leading to political power being shifted to

6958-407: The Russian Civil War . The monarchy was replaced by a shaky coalition of political parties that declared itself the Provisional Government , and proclaimed the Russian Republic . On 19 January [ O.S. 6 January], 1918, the Russian Constituent Assembly declared Russia a democratic federal republic (thus ratifying the Provisional Government's decision). The next day the Constituent Assembly

7100-456: The Russian SFSR —the world's first constitutionally socialist state . Following the Russian Civil War , the Russian SFSR established the Soviet Union with three other Soviet republics , within which it was the largest and principal constituent. At the expense of millions of lives , the Soviet Union underwent rapid industrialisation in the 1930s and later played a decisive role for the Allies in World War II by leading large-scale efforts on

7242-408: The Seven Years' War (1756–1763). During the conflict, Russian troops overran East Prussia , reaching Berlin. However, upon Elizabeth's death, all these conquests were returned to the Kingdom of Prussia by pro-Prussian Peter III of Russia . Catherine II ("the Great"), who ruled in 1762–1796, presided over the Russian Age of Enlightenment . She extended Russian political control over

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7384-474: The Siberian River Routes , and by the mid-17th century, there were Russian settlements in eastern Siberia, on the Chukchi Peninsula , along the Amur River , and on the coast of the Pacific Ocean. In 1648, Semyon Dezhnyov became the first European to navigate through the Bering Strait . Under Peter the Great , Russia was proclaimed an empire in 1721, and established itself as one of the European great powers. Ruling from 1682 to 1725, Peter defeated Sweden in

7526-421: The Southern Federal District and North Caucasus Federal District . Gazprom has invested about 480 billion rubles ($ 20 billion) in new major projects in order to maintain supply. Nearly 37 percent of Gazprom's reserves are located in the Yamal Peninsula and in the Barents Sea . One of Gazprom's major projects is the Blue Stream Pipeline. The Blue Stream Pipeline delivers natural gas to Turkey via

7668-412: The Soviet Union , by joining the Russian SFSR into a single state with the Byelorussian , Transcaucasian , and Ukrainian republics. Eventually internal border changes and annexations during World War II created a union of 15 republics ; the largest in size and population being the Russian SFSR, which dominated the union politically, culturally, and economically. Following Lenin's death in 1924,

7810-632: The State-owned Asset Supervision and Administration Commission (SASAC) . China's state-owned enterprises generally own and operate public services, resource extraction or defense. As of 2017 , China has more SOEs than any other country, and the most SOEs among large national companies. China's SOEs perform functions such as: contributing to central and local governments revenues through dividends and taxes, supporting urban employment, keeping key input prices low, channeling capital towards targeted industries and technologies, supporting sub-national redistribution to poorer interior and western provinces, and aiding

7952-422: The Yamburg subsidiary produced 41 percent, Urengoy 23.6 percent, Nadym 10.9 percent, Noyabrsk 9.3 percent and others 15.2 percent. In addition, the company produced 32.28 million tons of oil and 12.07 million tons of gas condensate. The majority of Gazprom's fields are located in the Nadym-Pur-Taz region (near the Gulf of Ob ) in Yamalo-Nenets Autonomous Okrug in Western Siberia . Historically,

8094-540: The largest company in Russia by market capitalization. In 2022, the company's revenue amounted to 8 trillion rubles. Gazprom is vertically integrated and is active in every area of the gas industry, including exploration and production , refining , transport , distribution and marketing , and power generation . In 2018, Gazprom produced twelve percent of the global output of natural gas, producing 497.6 billion cubic meters of natural and associated gas and 15.9 million tonnes of gas condensate . Gazprom then exports

8236-414: The largest stockpile of nuclear weapons and has the third-highest military expenditure . Russia is generally considered a great power and is a regional power . Internationally, Russia ranks very low in measurements of democracy , human rights and freedom of the press ; the country also has high levels of perceived corruption . As of 2024, Russia has a high-income economy which ranks eleventh in

8378-494: The 10th to 11th centuries, Kievan Rus' became one of the largest and most prosperous states in Europe. The reigns of Vladimir the Great (980–1015) and his son Yaroslav the Wise (1019–1054) constitute the Golden Age of Kiev, which saw the acceptance of Orthodox Christianity from Byzantium , and the creation of the first East Slavic written legal code , the Russkaya Pravda . The age of feudalism and decentralisation had come, marked by constant in-fighting between members of

8520-462: The 11th century and frequently in 12th-century British sources, in turn derived from Russi , 'the Russians' and the suffix -ia . In modern historiography, this state is usually denoted as Kievan Rus' after its capital city. Another Medieval Latin name for Rus' was Ruthenia . In Russian, the current name of the country, Россия ( Rossiya ), comes from the Byzantine Greek name for Rus', Ρωσία ( Rosía ). A new form of

8662-448: The 16th century, Russia expanded east of the Ural Mountains . However, the Tsardom was weakened by the long and unsuccessful Livonian War against the coalition of the Kingdom of Poland and the Grand Duchy of Lithuania (later the united Polish–Lithuanian Commonwealth ), the Kingdom of Sweden , and Denmark–Norway for access to the Baltic coast and sea trade. In 1572, an invading army of Crimean Tatars were thoroughly defeated in

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8804-460: The Baltic states. Gazprom received about 60 percent of its revenue from its sales to European customers. In 2008, the average gas price paid by Russian industrial customers was $ 71/mcm, while households paid $ 54/mcm. Since 2000, Natural gas prices have fluctuated. In late 2007, the price of natural gas at the New York NYMEX was $ 7.53 per million British thermal units ($ 25.7/ MWh ). At a conversion of 26,4 m per million Btu it would correspond to

8946-407: The Bovanenkovo field was estimated to be 115 billion cubic metres per annum (4.1 trillion cubic feet per annum), with potential to increase to 140 billion cubic metres per annum (4.9 trillion cubic feet per annum). The Shtokman field is one of the world's largest natural gas fields. It is located in the central part of the Barents Sea , 650 kilometres (400 mi) northeast of

9088-428: The Byzantine double-headed eagle his own, and eventually Russia's, coat-of-arms. Vasili III united all of Russia by annexing the last few independent Russian states in the early 16th century. In development of the Third Rome ideas, the grand duke Ivan IV ("the Terrible") was officially crowned the first tsar of Russia in 1547. The tsar promulgated a new code of laws ( Sudebnik of 1550 ), established

9230-586: The Czech Republic's, 67 percent of Turkey's, 65 percent of Austria's, about 40 percent of Romania's, 36 percent of Germany's, 27 percent of Italy's, and 25 percent of France's gas. By December 2010 with strong support from Alexander Medvedev and Antonio Fallico, who is Russia's honorary consul in Verona, a former Italian communist and a close associate of both Alexey Anatolievich Matveev ( Russian : Алексей Анатольевич Матвеев ; born 21 December 1963) and Vladimir Putin, Italy's gas supplied by Russia had greatly increased from 25 percent in 2004 to 70 percent. In May 2006,

9372-406: The Earth, aboard the Vostok 1 crewed spacecraft on 12 April 1961 . Following the ousting of Khrushchev in 1964, another period of collective rule ensued, until Leonid Brezhnev became the leader. The era of the 1970s and the early 1980s was later designated as the Era of Stagnation . The 1965 Kosygin reform aimed for partial decentralisation of the Soviet economy . In 1979, after

9514-880: The Gazprom Neft shares for $ 13.1 billion. Gazprom's ability to supply natural gas to domestic market and for reexport has relied to a large extent on imports from Central Asia . In 2007, Gazprom imported a total of 60.7 billion cubic metres (2.14 trillion cubic feet) from Central Asia: 42.6 billion cubic metres (1.50 trillion cubic feet) from Turkmenistan , 8.5 billion cubic metres (300 billion cubic feet) from Kazakhstan , and 9.6 billion cubic metres (340 billion cubic feet) from Uzbekistan . In particular, Gazprom purchased seventy-five percent of Turkmenistan gas exports in order to supply gas to Ukraine . In 2008, Gazprom paid $ 130/mcm to $ 180/mcm for gas from Central Asia. In 2015, Gazprom's proved and probable reserves of natural gas were 23.705 trillion cubic metres (837.1 trillion cubic feet),

9656-572: The Great changed the name of the state from Tsardom of Russia ( Russian : Русское царство , romanized :  Russkoye tsarstvo ) or Tsardom of Muscovy ( Russian : Московское царство , romanized :  Moskovskoye tsarstvo ) to Russian Empire ( Rossiiskaia imperiia ). There are several words in Russian which translate to "Russians" in English. The noun and adjective русский , russkiy refers to ethnic Russians . The adjective российский , rossiiskiy denotes Russian citizens regardless of ethnicity. The same applies to

9798-434: The Minister of Finance II, the Minister in the Prime Minister's Department in charge of the Economic Planning Unit, the Chief Secretary to the Government, Secretary General of Treasury and the heads of each of the GLICs (the Employees Provident Fund, Khazanah Nasional Berhad , Lembaga Tabung Angkatan Tentera (the armed forces pension fund), Lembaga Tabung Haji and Permodalan Nasional Berhad . Khazanah Nasional Berhad provided

9940-415: The Polish–Lithuanian Commonwealth and annexed most of its territories into Russia , making it the most populous country in Europe. In the south, after the successful Russo-Turkish Wars against the Ottoman Empire , Catherine advanced Russia's boundary to the Black Sea, by dissolving the Crimean Khanate , and annexing Crimea . As a result of victories over Qajar Iran through the Russo-Persian Wars , by

10082-692: The Provisional Government and gave full governing power to the soviets, leading to the creation of the world's first socialist state . The Russian Civil War broke out between the anti-communist White movement and the Bolsheviks with its Red Army . In the aftermath of signing the Treaty of Brest-Litovsk that concluded hostilities with the Central Powers of World War I ; Bolshevist Russia surrendered most of its western territories, which hosted 34% of its population, 54% of its industries, 32% of its agricultural land, and roughly 90% of its coal mines. The Allied powers launched an unsuccessful military intervention in support of anti-communist forces. In

10224-528: The Pskov, were involved in extended voyages to Asia, avoiding the Suez Canal and Red Sea due to security threats from Houthi attacks . In 2006, Gazprom sold 316 billion cubic metres (11.2 trillion cubic feet) of gas to domestic customers; 162 billion cubic metres (5.7 trillion cubic feet) to the rest of Europe; and 101 billion cubic metres (3.6 trillion cubic feet) to CIS countries and

10366-942: The Red Army invaded Manchuria and ousted the Japanese from Northeast Asia, contributing to the Allied victory over Japan. The 1941–1945 period of World War II is known in Russia as the Great Patriotic War . The Soviet Union, along with the United States, the United Kingdom and China were considered the Big Four of Allied powers in World War II, and later became the Four Policemen , which

10508-487: The Russian Government authorised a long-term programme to develop and expand the liquefied natural gas industry in Russia with nine more LNG plants, to address the growing global LNG market. In August 2021 Russia's first LNG bunkering vessel, Dmitry Mendeleev , was completed for Gazprom. In October 2021, Gazprom and RusGazDobycha announced they would build a new plant, Baltic LNG , at Ust-Luga , with access to

10650-451: The Russian autocratic state. The destruction of Kievan Rus' saw the eventual rise of the Grand Duchy of Moscow , initially a part of Vladimir-Suzdal . While still under the domain of the Mongol - Tatars and with their connivance, Moscow began to assert its influence in the region in the early 14th century, gradually becoming the leading force in the "gathering of the Russian lands". When

10792-476: The Russian parliament culminated in a constitutional crisis which ended violently through military force. During the crisis, Yeltsin was backed by Western governments, and over 100 people were killed. In December, a referendum was held and approved, which introduced a new constitution, giving the president enormous powers. The 1990s were plagued by armed conflicts in the North Caucasus , both local ethnic skirmishes and separatist Islamist insurrections. From

10934-554: The Soviet Union as the Russian Federation. A new constitution was adopted, which established a federal semi-presidential system . Since the turn of the century, Russia's political system has been dominated by Vladimir Putin , under whom the country has experienced democratic backsliding and become an authoritarian dictatorship . Russia has been militarily involved in a number of conflicts in former Soviet states and other countries , including its war with Georgia in 2008 and its war with Ukraine since 2014, which has involved

11076-408: The Soviet Union led Russia into a deep and prolonged depression. During and after the disintegration of the Soviet Union, wide-ranging reforms including privatisation and market and trade liberalisation were undertaken, including radical changes along the lines of " shock therapy ". The privatisation largely shifted control of enterprises from state agencies to individuals with inside connections in

11218-571: The Soviet Union. The transitional disorganisation of the country's agriculture, combined with the harsh state policies and a drought, led to the Soviet famine of 1932–1933 ; which killed 5.7 to 8.7 million, 3.3 million of them in the Russian SFSR. The Soviet Union, ultimately, made the costly transformation from a largely agrarian economy to a major industrial powerhouse within a short span of time. The Soviet Union entered World War II on 17 September 1939 with its invasion of Poland , in accordance with

11360-455: The Soviet system, introduced the policies of glasnost (openness) and perestroika (restructuring) in an attempt to end the period of economic stagnation and to democratise the government . This, however, led to the rise of strong nationalist and separatist movements across the country. Prior to 1991, the Soviet economy was the world's second-largest, but during its final years, it went into

11502-1003: The USSR. Governments in Western Europe, both left and right of centre, saw state intervention as necessary to rebuild economies shattered by war. Government control over natural monopolies like industry was the norm. Typical sectors included telephones , electric power , fossil fuels , iron ore , railways , airlines , media , postal services , banks , and water . Many large industrial corporations were also nationalized or created as government corporations, including, among many others: British Steel Corporation , Equinor , and Águas de Portugal . A state-run enterprise may operate differently from an ordinary limited liability corporation. For example, in Finland, state-run enterprises ( liikelaitos ) are governed by separate laws. Even though responsible for their own finances, they cannot be declared bankrupt ;

11644-594: The Ukrainian leader, Bohdan Khmelnytsky , offered to place Ukraine under the protection of the Russian tsar, Alexis ; whose acceptance of this offer led to another Russo-Polish War . Ultimately, Ukraine was split along the Dnieper , leaving the eastern part, ( Left-bank Ukraine and Kiev ) under Russian rule. In the east, the rapid Russian exploration and colonisation of vast Siberia continued, hunting for valuable furs and ivory. Russian explorers pushed eastward primarily along

11786-801: The Volga-Dnieper region of southern Russia and Ukraine as the urheimat of the Proto-Indo-Europeans . Early Indo-European migrations from the Pontic–Caspian steppe of Ukraine and Russia spread Yamnaya ancestry and Indo-European languages across large parts of Eurasia. Nomadic pastoralism developed in the Pontic–Caspian steppe beginning in the Chalcolithic . Remnants of these steppe civilizations were discovered in places such as Ipatovo , Sintashta , Arkaim , and Pazyryk , which bear

11928-535: The average price of Gazprom's gas in Europe was about $ 380 per thousand cubic meters. China offered a loan of about $ 50bn to finance development of the gas fields and the construction of the pipeline by Russia up to the Chinese border, with the Chinese to build the remaining pipeline. In January 2023, as a result of the sanctions imposed on Russia (as a result of the invasion of Ukraine in 2022), Gazprom announced its exports of gas fell 45% from 185Bcm to 101Bcm, mainly due to

12070-576: The capital Moscow. In 1612, the Poles were forced to retreat by the Russian volunteer corps, led by merchant Kuzma Minin and prince Dmitry Pozharsky . The Romanov dynasty acceded to the throne in 1613 by the decision of the Zemsky Sobor, and the country started its gradual recovery from the crisis. Russia continued its territorial growth through the 17th century, which was the age of the Cossacks . In 1654,

12212-556: The city of Murmansk and 1,000 kilometres (620 mi) west of the Yamal Peninsula. The field is estimated to contain up to 3.7 trillion cubic metres (130 trillion cubic feet) of gas. Potential production is 71 billion cubic metres per annum (2.5 trillion cubic feet per annum) in the initial phases, with a potential increase to 95 billion cubic metres per annum (3.4 trillion cubic feet per annum). Gazprom, TotalEnergies (France) and Statoil (Norway) created

12354-530: The control of the Golden Horde and consolidated the whole of northern Rus' under Moscow's dominion, and was the first Russian ruler to take the title "Grand Duke of all Rus'". After the fall of Constantinople in 1453, Moscow claimed succession to the legacy of the Eastern Roman Empire . Ivan III married Sophia Palaiologina , the niece of the last Byzantine emperor Constantine XI , and made

12496-446: The crucial Battle of Molodi . The death of Ivan's sons marked the end of the ancient Rurik dynasty in 1598, and in combination with the disastrous famine of 1601–1603 , led to a civil war, the rule of pretenders, and foreign intervention during the Time of Troubles in the early 17th century. The Polish–Lithuanian Commonwealth , taking advantage, occupied parts of Russia, extending into

12638-559: The earliest known traces of horses in warfare . The genetic makeup of speakers of the Uralic language family in northern Europe was shaped by migration from Siberia that began at least 3,500 years ago. In the 3rd to 4th centuries CE, the Gothic kingdom of Oium existed in southern Russia, which was later overrun by Huns . Between the 3rd and 6th centuries CE, the Bosporan Kingdom , which

12780-706: The early 2000s, and since then, the company has been involved in the Russian government's diplomatic efforts, setting of gas prices, and access to pipelines. The company is majority-owned by the Russian government , via the Federal Agency for State Property Management and Rosneftegaz , while the remaining shares are traded publicly. Gazprom, listed on the Moscow Exchange, had a market capitalization of RUB3.94T (US$ 44.96 billion) in March 2000, which increased to US$ 80.56 billion by September 2019. In 1943, during World War II ,

12922-520: The families of sailors who died during the Kursk submarine disaster and additional criticism of Putin's handling of the Second Chechen War . Gusinsky then fled Russia which Gazprom taking over NTV. In June 2005, Gazprombank , Gazpromivest Holding, Gazfond and Gazprom Finance B. V., subsidiaries of Gazprom, sold a 10.7399% share of their stock for $ 7 billion to Rosneftegaz  [ ru ] ,

13064-474: The first Europeans to reach and colonise Alaska . In 1803–1806, the first Russian circumnavigation was made. In 1820, a Russian expedition discovered the continent of Antarctica . During the Napoleonic Wars , Russia joined alliances with various European powers, and fought against France. The French invasion of Russia at the height of Napoleon's power in 1812 reached Moscow, but eventually failed as

13206-549: The first Russian feudal representative body (the Zemsky Sobor ), revamped the military, curbed the influence of the clergy, and reorganised local government. During his long reign, Ivan nearly doubled the already large Russian territory by annexing the three Tatar khanates: Kazan and Astrakhan along the Volga , and the Khanate of Sibir in southwestern Siberia. Ultimately, by the end of

13348-571: The first half of the 19th century, Russia also conquered the Caucasus . Catherine's successor, her son Paul , was unstable and focused predominantly on domestic issues . Following his short reign, Catherine's strategy was continued with Alexander I's (1801–1825) wresting of Finland from the weakened Sweden in 1809, and of Bessarabia from the Ottomans in 1812. In North America, the Russians became

13490-500: The form of Public Sector Undertakings (PSUs). The Malaysian government launched a GLC Transformation Programme for its linked companies and linked investment companies ("GLICs") on 29 July 2005, aiming over a ten-year period to transform these businesses "into high-performing entities". The Putrajaya Committee on GLC High Performance ("PCG"), which oversaw this programme, was chaired by the Prime Minister , and membership included

13632-644: The former Russian Finance Minister Boris Fyodorov . Miller and Medvedev were to stop asset stripping at Gazprom and to recover losses. Itera was denied access to Gazprom's pipelines and came close to bankruptcy . In 2006, Itera agreed to return stolen assets to Gazprom for a fee. Browder was deported from Russia, in 2005, and the Russian arm of Hermitage Capital Management was seized two years later. In April 2001, Gazprom acquired NTV , Russia's only nationwide state-independent television station, from Vladimir Gusinsky 's company, Media-Most Holdings. Gusinsky fell out of Putin's favor after using NTV to publish criticism from

13774-567: The gas through pipelines that the company builds and owns across Russia and abroad, such as Nord Stream 1 and TurkStream . In the same year, Gazprom has proven reserves of 35.1 trillion cubic meters of gas and 1.6 billion tons of gas condensate. Gazprom is also a large oil producer through its subsidiary Gazprom Neft , producing about 41 million tons of oil with reserves amounting to 2 billion tons. The company also has subsidiaries in industrial sectors, including finance , media and aviation , and majority stakes in other companies. Gazprom

13916-665: The government of the Soviet Union developed a domestic gas industry. In 1965, it centralized gas exploration , development, and distribution within the Ministry of Gas Industry. In the 1970s and 1980s, the Ministry of Gas Industry found large natural gas reserves in Siberia , the Ural region and the Volga Region . The Soviet Union became a major gas producer. In August 1989, under the leadership of

14058-485: The government, which led to the rise of Russian oligarchs . Many of the newly rich moved billions in cash and assets outside of the country in an enormous capital flight . The depression of the economy led to the collapse of social services—the birth rate plummeted while the death rate skyrocketed, and millions plunged into poverty; while extreme corruption, as well as criminal gangs and organised crime rose significantly. In late 1993, tensions between Yeltsin and

14200-488: The internationally unrecognised annexations of Ukrainian territory including Crimea in 2014 and four other regions in 2022 during an ongoing invasion . Russia is a permanent member of the United Nations Security Council ; a member state of the G20 , SCO , BRICS , APEC , OSCE , and WTO ; and the leading member state of post-Soviet organisations such as CIS , CSTO , and EAEU/EEU . It possesses

14342-525: The latter deliberately starved to death or otherwise killed 3.3 million Soviet POWs , and a vast number of civilians, as the " Hunger Plan " sought to fulfil Generalplan Ost . Although the Wehrmacht had considerable early success, their attack was halted in the Battle of Moscow . Subsequently, the Germans were dealt major defeats first at the Battle of Stalingrad in the winter of 1942–1943, and then in

14484-412: The leading application of the incomplete contract theory to the issue of state-owned enterprises. These authors compare a situation in which the government is in control of a firm to a situation in which a private manager is in control. The manager can invest to come up with cost-reducing and quality-enhancing innovations. The government and the manager bargain over the implementation of the innovations. If

14626-522: The loss of the European market. During 2023 exports fell again, with Europe purchasing just 28Bcm, a level not seen since the 1970's. On 1 January 2006, at 10:00 (Moscow time), during the Russia-Ukraine gas dispute , Gazprom ceased the supply of gas to the Ukrainian market. Gazprom called on the government of Ukraine to increase its payment for natural gas in line with increases in global fuel prices. During

14768-620: The meantime, both the Bolsheviks and White movement carried out campaigns of deportations and executions against each other, known respectively as the Red Terror and White Terror . By the end of the violent civil war, Russia's economy and infrastructure were heavily damaged, and as many as 10 million perished during the war, mostly civilians. Millions became White émigrés , and the Russian famine of 1921–1922 claimed up to five million victims. On 30 December 1922, Lenin and his aides formed

14910-560: The minister of Gas Industry of the Soviet Union (1985-1989) Viktor Chernomyrdin , the Ministry of Gas Industry was renamed the State Gas Concern Gazprom , and became the Soviet Union's first state-run corporate enterprise. In late 1991, when the Soviet Union dissolved , gas industry assets were transferred to newly established national companies, such as Naftogaz and Turkmengaz . Gazprom kept assets located in Russia and secured

15052-596: The more recently coined noun россиянин , rossiianyn , "Russian" in the sense of citizen of the Russian state. According to the Primary Chronicle , the word Rus' is derived from the Rus' people , who were a Swedish tribe, and where the three original members of the Rurikid dynasty came from. The Finnish word for Swedes, ruotsi , has the same origin. Later archeological studies mostly confirmed this theory. The first human settlement on Russia dates back to

15194-533: The name Rus ' , Росия ( Rosiya ), was borrowed from the Greek term and first attested in 1387. The name Rossiia appeared in Russian sources in the late 15th century, but until the end of the 17th century the country was more often referred to by its inhabitants as Rus ' , the Russian land ( Russkaia zemlia ), or the Muscovite state ( Moskovskoe gosudarstvo ), among other variations. In 1721, Peter

15336-592: The negotiations fail, the owner can decide about the implementation. It turns out that when cost-reducing innovations do not harm quality significantly, then private firms are to be preferred. Yet, when cost-reductions may strongly reduce quality, state-owned enterprises are superior. Hoppe and Schmitz (2010) have extended this theory in order to allow for a richer set of governance structures, including different forms of public-private partnerships . SOEs are common with natural monopolies , because they allow capturing economies of scale while they can simultaneously achieve

15478-408: The next week. On 23 June 2007, the governments of Russia and Italy signed a memorandum of understanding towards a joint venture between Gazprom and Eni SpA to construct a 558-mile (900 km) gas pipeline to carry 1.05 trillion cubic feet (30 km) gas per year from Russia to Europe. This South Stream pipeline would extend under the Black Sea to Bulgaria with a south fork to Italy and

15620-597: The night of 3 January 2006, and early morning of 4 January 2006, Naftogas of Ukraine and Gazprom negotiated a deal that temporarily resolved the long-standing gas price conflict between Russia and Ukraine. On 3 April 2006, Gazprom announced it would triple the price of natural gas to Belarus after 31 December 2006. In December 2006, Gazprom threatened to cease supply of gas to Belarus at 10 am Moscow time on 1 January 2007, unless Belarus increased payments from $ 47 to $ 200 per 1,000 cubic metres or to cede control over its distribution network. Some analysts suggested Moscow

15762-577: The north-east. Led by Prince Alexander Nevsky , Novgorodians repelled the invading Swedes in the Battle of the Neva in 1240, as well as the Germanic crusaders in the Battle on the Ice in 1242. Kievan Rus' finally fell to the Mongol invasion of 1237–1240, which resulted in the sacking of Kiev and other cities, as well as the death of a major part of the population. The invaders, later known as Tatars , formed

15904-601: The obstinate resistance in combination with the bitterly cold Russian winter led to a disastrous defeat of invaders, in which the pan-European Grande Armée faced utter destruction. Led by Mikhail Kutuzov and Michael Andreas Barclay de Tolly , the Imperial Russian Army ousted Napoleon and drove throughout Europe in the War of the Sixth Coalition , ultimately entering Paris. Alexander I controlled Russia's delegation at

16046-643: The official line. The continued internal struggle in the Bolshevik party culminated in the Great Purge . Under Stalin's leadership, the government launched a command economy , industrialisation of the largely rural country , and collectivisation of its agriculture . During this period of rapid economic and social change, millions of people were sent to penal labour camps , including many political convicts for their suspected or real opposition to Stalin's rule; and millions were deported and exiled to remote areas of

16188-738: The oil company Sibneft for $ 13.01 billion. Sibneft was renamed Gazprom Neft . The purchase was aided by a $ 12 billion loan. Gazprom became Russia's largest company. On the day of the deal the company worth was valued at £ 69.7 billion (US$ 123.2 billion). In July 2006, On Gas Export was enacted with nearly unanimous vote from the State Duma . This law gave Gazprom the exclusive right to export natural gas from Russia. In December 2006, Gazprom signed an agreement with Royal Dutch Shell , Mitsui and Mitsubishi , to take over fifty percent plus one share of Sakhalin Energy . In June 2007, TNK-BP ,

16330-399: The private sector (perhaps because the good that is being produced requires very risky investments, when patenting is difficult, or when spillover effects exist), the government can help these industries get on the market with positive economic effects. However, the government cannot necessarily predict which industries would qualify as such 'infant industries', and so the extent to which this

16472-428: The proportion of the corporate entity a government owns. One definition purports that a company is classified as a GLC if a government owns an effective controlling interest (more than 50%), while the second definition suggests that any corporate entity that has a government as a shareholder is a GLC. The act of turning a part of government bureaucracy into a SOE is called corporatization . In economic theory ,

16614-451: The question of whether a firm should be owned by the state or by the private sector is studied in the theory of incomplete contracts developed by Oliver Hart and his co-authors. In a world in which complete contracts were feasible, ownership would not matter because the same incentive structure that prevails under one ownership structure could be replicated under the other ownership structure. Hart, Shleifer, and Vishny (1997) have developed

16756-524: The rivalry between the two major European empires came to be known as the Great Game . The late 19th century saw the rise of various socialist movements in Russia. Alexander II was assassinated in 1881 by revolutionary terrorists. The reign of his son Alexander III (1881–1894) was less liberal but more peaceful. Under last Russian emperor, Nicholas II (1894–1917), the Revolution of 1905

16898-893: The seat of the Metropolitan of the Russian Orthodox Church moved to Moscow in 1325, its influence increased. Moscow's last rival, the Novgorod Republic , prospered as the chief fur trade centre and the easternmost port of the Hanseatic League . Led by Prince Dmitry Donskoy of Moscow, the united army of Russian principalities inflicted a milestone defeat on the Mongol-Tatars in the Battle of Kulikovo in 1380. Moscow gradually absorbed its parent duchy and surrounding principalities, including formerly strong rivals such as Tver and Novgorod . Ivan III ("the Great") threw off

17040-559: The secretariat to the PCG and managed the implementation of the programme, which was completed in 2015. As of 2024, Philippines Amusement and Gaming Corporation (PAGCOR) is the most profitable state-owned enterprise in the Philippines. It is the third largest contributor to government revenues, following taxes and customs. Russia Russia , or the Russian Federation , is

17182-469: The service. Conversely, they might be detrimental because they reduce oversight and increase transaction costs (such as monitoring costs, i.e., it is more difficult and costly to govern and regulate an autonomous SOE than it is the public bureaucracy). Evidence suggests that existing SOEs are typically more efficient than government bureaucracy, but that this benefit diminishes as services get more technical and have less overt public objectives. Compared to

17324-465: The state answers for the liabilities. Stocks of the corporation are not sold and loans have to be government-approved, as they are government liabilities. State-owned enterprises are a major component of the economy of Belarus . The Belarusian state-owned economy includes enterprises that are fully state-owned, as well as others which are joint-stock companies with partial ownership by the state. Employment in state-owned or state-controlled enterprises

17466-575: The state of the Golden Horde , which ruled over Russia for the next two centuries. Only the Novgorod Republic escaped foreign occupation after it agreed to pay tribute to the Mongols. Galicia-Volhynia would later be absorbed by Lithuania and Poland , while the Novgorod Republic continued to prosper in the north. In the northeast, the Byzantine-Slavic traditions of Kievan Rus' were adapted to form

17608-493: The state's response to natural disasters, financial crises and social instability. China's SOEs are at the forefront of global seaport-building, and most new ports constructed by them are done within the auspices of the Belt and Road Initiative . As of at least 2024, an Ethiopian SOE is Africa's largest and most profitable airline, as well as Ethiopia's largest earner of foreign exchange. In India , government enterprises exist in

17750-403: The stock was allocated to Gazprom employees. The state retained 40% of the shares. That amount was gradually lowered to thirty-eight percent. Trading of Gazprom's shares was heavily regulated. Foreigners were prohibited from owning more than nine-percent of the shares. In October 1996, 1% of Gazprom's equity was offered for sale to foreigners as Global Depository Receipts . In 1997, Gazprom offered

17892-657: The term "enterprise" is challenged, as it implies statutes in private law which may not always be present, and so the term "corporations" is frequently used instead. Thus, SOEs are known under many other terms: state-owned company, state-owned entity, state enterprise, publicly owned corporation, government business enterprise, government-owned company, government controlled company, government controlled enterprise, government-owned corporation, government-sponsored enterprise , commercial government agency, state-privatised industry public sector undertaking, or parastatal, among others. In some Commonwealth realms , ownership by The Crown

18034-565: The three largest fields are Medvezhe, Urengoy and Yamburg . After more than twenty years of production, the fields are now in decline. Production from the fields has decreased by twenty to twenty-five bcm per year. The production at Zaporliarnoe , Gazprom's fourth largest field, increased until 2004, offsetting the decline in the other fields. Since 2004, Gazprom has maintained production by activating new smaller fields and by purchasing production assets from other companies. Gazprom Neft produces crude oil. In 2005, Gazprom purchased 75 percent of

18176-523: The time Chechen separatists declared independence in the early 1990s, an intermittent guerrilla war was fought between the rebel groups and Russian forces. Terrorist attacks against civilians were carried out by Chechen separatists, claiming the lives of thousands of Russian civilians. After the dissolution of the Soviet Union, Russia assumed responsibility for settling the latter's external debts. In 1992, most consumer price controls were eliminated, causing extreme inflation and significantly devaluing

18318-558: The two countries' $ 400 billion energy pact. Beijing and Moscow are now negotiating over a second Far Eastern gas pipeline. In June 2014, Gazprom negotiated with the International Petroleum Investment Company (IPIC of Abu Dhabi ) over a 24.9 percent stake in the Austrian oil and gas firm OMV . In July 2014, Gazprom acquired Central Partnership , one of the largest film distributors in Russia. In September 2015

18460-532: The unification of Russian lands, leading to the proclamation of the Tsardom of Russia in 1547. By the early 18th century, Russia had vastly expanded through conquest, annexation, and the efforts of Russian explorers , developing into the Russian Empire , which remains the third-largest empire in history . However, with the Russian Revolution in 1917, Russia's monarchic rule was abolished and eventually replaced by

18602-528: The world by nominal GDP and fourth at purchasing power parity , relying on its vast mineral and energy resources ; the world's second-largest for oil production and natural gas production . Russia is home to 32 UNESCO World Heritage Sites . According to the Oxford English Dictionary , the English name Russia first appeared in the 14th century, borrowed from Medieval Latin : Russia , used in

18744-449: Was elected President of the Russian SFSR. In August 1991, a coup d'état attempt by members of Gorbachev's government, directed against Gorbachev and aimed at preserving the Soviet Union, instead led to the end of the Communist Party of the Soviet Union. On 25 December 1991, following the dissolution of the Soviet Union , along with contemporary Russia, fourteen other post-Soviet states emerged. The economic and political collapse of

18886-613: Was a Hellenistic polity that succeeded the Greek colonies, was also overwhelmed by nomadic invasions led by warlike tribes such as the Huns and Eurasian Avars . The Khazars , who were of Turkic origin , ruled the steppes between the Caucasus in the south, to the east past the Volga river basin, and west as far as Kyiv on the Dnieper river until the 10th century. After them came the Pechenegs who created

19028-636: Was being sued by the European Union for signing a contract with Russia, which was not aligned with European Union regulations. The president of Bulgaria, Rosen Plevneliev , pressured the European Union and Russia to quickly resolve the matter. On 4 September 2012, the European Commission announced an anti-trust investigation into Gazprom's activities. This was based on "concerns that Gazprom may be abusing its dominant market position in upstream gas supply markets." In late November 2013, Gazprom expanded its media interests by acquiring Profmedia from Vladimir Potanin . On 21 May 2014, in Shanghai , Gazprom and

19170-412: Was created in 1989, when the Soviet Ministry of Gas Industry was converted to a corporation , becoming the first state-run corporate enterprise in the Soviet Union . After the Soviet Union's dissolution , Gazprom was privatized, retaining its Russia-based assets. At that time, Gazprom evaded taxes and state regulations and engaged in asset stripping . The company later returned to government control in

19312-440: Was dissolved by the All-Russian Central Executive Committee . An alternative socialist establishment co-existed, the Petrograd Soviet , wielding power through the democratically elected councils of workers and peasants, called soviets . The rule of the new authorities only aggravated the crisis in the country instead of resolving it, and eventually, the October Revolution , led by Bolshevik leader Vladimir Lenin , overthrew

19454-448: Was found at Kostyonki–Borshchyovo , and at Sungir , dating back to 34,600 years ago—both in western Russia . Humans reached Arctic Russia at least 40,000 years ago, in Mamontovaya Kurya . Ancient North Eurasian populations from Siberia genetically similar to Mal'ta–Buret' culture and Afontova Gora were an important genetic contributor to Ancient Native Americans and Eastern Hunter-Gatherers . The Kurgan hypothesis places

19596-458: Was half Neanderthal and half Denisovan, and lived some 90,000 years ago, was also found within the latter cave. Russia was home to some of the last surviving Neanderthals, from about 45,000 years ago, found in Mezmaiskaya cave . The first trace of an early modern human in Russia dates back to 45,000 years, in Western Siberia . The discovery of high concentration cultural remains of anatomically modern humans , from at least 40,000 years ago,

19738-446: Was penalising Alexander Lukashenko , the President of Belarus, for not delivering on pledges of closer integration with Russia , while others noted that other countries like Armenia were paying as much for their gas as Belarus would with the new price levels. State-owned enterprise The terminology around the term state-owned enterprise is murky. All three words in the term are challenged and subject to interpretation. First, it

19880-412: Was populated by Finno-Ugrian peoples. From the 7th century onwards, the incoming East Slavs slowly assimilated the native Finno-Ugrians. The establishment of the first East Slavic states in the 9th century coincided with the arrival of Varangians , the Vikings who ventured along the waterways extending from the eastern Baltic to the Black and Caspian Seas. According to the Primary Chronicle ,

20022-401: Was the foundation of the United Nations Security Council . During the war, Soviet civilian and military death were about 26–27 million , accounting for about half of all World War II casualties . The Soviet economy and infrastructure suffered massive devastation, which caused the Soviet famine of 1946–1947 . However, at the expense of a large sacrifice, the Soviet Union emerged as

20164-569: Was triggered by the humiliating failure of the Russo-Japanese War . The uprising was put down, but the government was forced to concede major reforms ( Russian Constitution of 1906 ), including granting freedoms of speech and assembly , the legalisation of political parties, and the creation of an elected legislative body, the State Duma . In 1914, Russia entered World War I in response to Austria-Hungary 's declaration of war on Russia's ally Serbia , and fought across multiple fronts while isolated from its Triple Entente allies. In 1916,

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