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Russia needs investment as the economy struggles

To build on recent success in its energy sector, the country needs more Western capital and technology. Vladimir Putin is putting that in jeopardy

Six years ago, during a briefing to journalists in the sleepy French resort of Deauville, Gazprom’s boss Alexei Miller had a message for the world’s energy consumers. Oil prices, then above $130 a barrel, would hit $250/b within a year, he said, and the price of the company’s gas in Europe could triple, to almost $1,200 per 1,000 cubic metres (’000 cm). Gazprom, he added, would be the world’s largest company within “seven to 10 years”, with a market value of $1 trillion.   Less than a year later, oil prices had lost $100/b, sending Russia into recession; Gazprom had shed two-thirds of its market value and was worth less than $100 billion; another gas war between Moscow and Kiev had seen Gaz

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