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The “come-back” of Russian power fuels speculation. The Kremlin seems to have a commercial predation policy, dedicated to its internal and foreign policy. A giantholding is emerging, systematically trying to control, upstream and downstream, the greatest part of the energy sector. Helped by numerous juridic advisors, it tries to trap capitalism with its own logic.

Adrian Dellecker is Junior Research Fellow at the Russia/NIS Center (Ifri). He is currently working on the transatlantic segment of the Russia/NIS program, and on Russia's bilateral energy relations.