Russian Energy and Security up to 2030 by Susanne Oxenstierna Veli-Pekka Tynkkynen

Author:Susanne Oxenstierna, Veli-Pekka Tynkkynen [Susanne Oxenstierna, Veli-Pekka Tynkkynen]
Language: eng
Format: epub
ISBN: 9780415639644
Goodreads: 17350209
Publisher: Routledge
Published: 2013-12-10T00:00:00+00:00

Money for oil and assertiveness of foreign policy

To demonstrate the link between a rise in energy prices and militarization, one can point to the sudden dramatic increase of 9.3 per cent in defence spending in 2011 (Table 7.1), which coincided with a spike in global oil prices. Since the average price of crude oil is projected to increase according to IEA estimates, the Russian economy will, in all likelihood, continue to be fuelled by the energy sector, allowing the government to further invest into its defence budget. The second part of this chapter concentrates on the consequences that rising oil prices may have on Russia’s policy in the Arctic and the strive to restore its former sphere of influence in the ‘near abroad’.

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