Back in 2014, a raft of Western sanctions stifled Russia’s Arctic oil ambitions, but three years later Moscow is looking to kickstart its own homegrown oil renaissance to try and match America’s shale boom.At the time, those sanctions were carefully calculated to hamstring Russia’s future energy production without immediately decimating its economy—allowing the West to express its displeasure over the annexation of Crimea without throwing a wrench in the global economy. And, for a time, the sanctions appeared to achieve their stated effect. Russia was slow to acknowledge its own shale reserves in the Bazhenov formation, located in middle of …read more
Source: The American Interest
