The standoff between Russia and the West will likely take twists and turns for some time in the future. Investors in energy may need to brace themselves for a bumpy ride.
The posted gas price is an effort by Lukoil franchisees to protest high fuel costs passed onto them by their parent company, according to Consumer Energy Report. A total of 57 Lukoil franchise owners are taking part in the gas price protest.
The EU today implemented tough new Iran sanctions aimed at curbing Iran's nuclear ambitions. The sanctions specifically target Iran's oil industry, which accounts for roughly 80 percent of Iranian exports but faces numerous challenges.
Russia may back tougher, US-sponsored Iran sanctions, but it still expects to finish building the Bushehr nuclear power plant and selling Iran advanced weapons systems.
Russia's success in soccer and hockey is credited to petrodollars flowing into sports.
Production dropped this year after reaching a post-Soviet high in October. On Monday, Putin's newly convened cabinet made the issue its first order of business.
The investment push, fueled by a new sovereign wealth fund and eager Russian businessmen, has raised concerns of Moscow meddling abroad.