Liam Denning, Columnist

Putin Has Squandered Soviet Energy Legacy, Part 2

A conversation with Soviet and Russian energy specialist Thane Gustafson the country’s oil and gas history and how it relates to the invasion of Ukraine.

September 11, 2022 at 8:00 AM EDT

By Liam Denning

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

What will Russia’s energy legacy look like?
Photographer: Sergeu Bobylyov/Sputnik/AFP via Getty Images

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This is part two of a condensed and lightly edited transcript of an interview with Soviet and Russian energy specialist Thane Gustafson. In part one, he described the evolution of the Russian energy industry under President Vladimir Putin until the eve of the war in Ukraine. Part two picks up with him describing the impact of the war on Russia’s oil industry.

Denning: You say Putin’s war has set in motion a process that will drag down the long-term competitiveness of Russia’s oil industry. How so?

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