Advertising

Russia: Alexander Novak, pillar of Russia’s energy and economic strategy

Alexander Novak, bolstered by a new economic role in Russia, aims to thwart sanctions while steering relations with OPEC+.

energynews
Le 14 May 2024

Please share:

Alexander Novak, a key figure in the Russian government, sees his responsibilities broaden. From now on, he will manage not only relations with OPEC+, but also Russia’s economic development. These new functions also include the management of countermeasures to international sanctions. In addition, the government announced this addition to its portfolio following the appointment of Andrey Belousov, the former Minister of Economic Development, as Minister of Defense. This transition is taking place against a backdrop of protracted war in Ukraine.

Economic strategy and sanctions

Novak plays a pivotal role in Russia’s economic reorientation. He is committed to strengthening the country’s economic competitiveness. His goal is ambitious: to make Russia the world’s fourth-largest economy by 2030. He is convinced that Western sanctions, while binding, represent an opportunity. They are pushing Russia to speed up an already necessary economic transformation.

Impact on the energy sector

Novak keeps an eye on the energy sector. Under his leadership, Russia continues to play a major role in OPEC+. At the same time, he is overseeing strategies to overcome sanctions on oil exports. Russia is adapting its trade flows and developing alternative routes. In addition, these new routes are designed to ensure that Russian resources reach new markets, such as India.

Logistical changes and responses to sanctions

Russia is also stepping up its logistics to get around the restrictions. A growing fleet of “ghost” tankers is used to divert oil to non-traditional destinations. This helps Russia maintain its oil revenues. In addition, efforts are being made to overcome the technological barriers imposed by the EU and the USA. Particularly in the refining sector.
The expansion of Novak’s responsibilities under President Vladimir Putin underlines his position of trust. It is now at the heart of efforts to adapt the Russian economy to global challenges. Its role is crucial in ensuring Russia’s economic and energy stability in the face of Western sanctions.

Advertising

Recently published in Energy Policy

Energy Policy

Canada’s oil industry calls for fair anti-greenwashing rules

The Canadian Association of Petroleum Producers (CAPP) criticizes anti-greenwashing legislation and calls for its fair application to all players, including environmental groups, to ensure fair competition.

Energy Policy

Libya: Oil exports blocked by political crisis

In Libya, oil exports remain blocked due to a dispute over control of the Central Bank. A few shipments have been authorized from stocks, but production remains severely impacted.

Energy Policy

Libya: Oil exports blocked by political crisis

In Libya, oil exports remain blocked due to a dispute over control of the Central Bank. A few shipments have been authorized from stocks, but production remains severely impacted.

Energy Policy

US Treasury warns: Energy credit cuts threaten economy

U.S. Treasury Secretary Janet Yellen warns that eliminating clean energy tax credits would drive up household energy costs and hamper industrial investment crucial to U.S. competitiveness.

Energy Policy

US Treasury warns: Energy credit cuts threaten economy

U.S. Treasury Secretary Janet Yellen warns that eliminating clean energy tax credits would drive up household energy costs and hamper industrial investment crucial to U.S. competitiveness.

Energy Policy

Poland targets 56% renewables in its energy mix by 2030

Poland is aiming for 56% renewable energy in its electricity by 2030, with an investment of 792 billion zlotys, according to the draft national plan submitted to the EU.

Energy Policy

Poland targets 56% renewables in its energy mix by 2030

Poland is aiming for 56% renewable energy in its electricity by 2030, with an investment of 792 billion zlotys, according to the draft national plan submitted to the EU.

Energy Policy

Fuel price hikes in Nigeria: a reform that shakes up the economy

The abolition of fuel subsidies in Nigeria has led to soaring petrol prices, directly impacting the national economy and the living conditions of the population, against a backdrop of record inflation and currency devaluation.

Energy Policy

Chile’s electricity subsidy project worries ENR players

Chile's plan to triple its electricity subsidy could curb investment in renewable energies and disrupt the market for renewable energy certificates (I-RECs).

Energy Policy

Chile’s electricity subsidy project worries ENR players

Chile's plan to triple its electricity subsidy could curb investment in renewable energies and disrupt the market for renewable energy certificates (I-RECs).

Energy Policy

Renewables and Storage Dominate U.S. Interconnection Queues

Interconnection lines in the eastern United States are showing an upsurge in solar, wind and storage projects, while natural gas projects remain marginal.

Energy Policy

Renewables and Storage Dominate U.S. Interconnection Queues

Interconnection lines in the eastern United States are showing an upsurge in solar, wind and storage projects, while natural gas projects remain marginal.

Energy Policy

Massive power cuts in Gabon, SEEG rations electricity

Faced with a production shortfall and aging infrastructure, Société d'Eau et d'Énergie du Gabon (SEEG) is imposing rotating load shedding to stabilize Libreville's power grid.

Energy Policy

Massive power cuts in Gabon, SEEG rations electricity

Faced with a production shortfall and aging infrastructure, Société d'Eau et d'Énergie du Gabon (SEEG) is imposing rotating load shedding to stabilize Libreville's power grid.

Energy Policy

U.S. energy regulations face 2024 election test

The climate and energy regulations put in place by the Biden administration are likely to undergo major changes after the 2024 elections, in the face of growing legal and political uncertainties.

Energy Policy

Algeria: Tebboune aims for economic reforms to consolidate his power

Abdelmadjid Tebboune, Algerian President and candidate for re-election, is focusing his strategy on economic reforms against a backdrop of dependence on hydrocarbons and criticism of the political status quo.

Energy Policy

Algeria: Tebboune aims for economic reforms to consolidate his power

Energy Policy

UK approves a record 131 renewable energy projects

The UK confirms its commitment to becoming a leader in renewable energies with the approval of 131 new projects covering offshore wind, onshore wind and solar power, aimed at boosting energy security and reducing dependence on fossil fuels.

Energy Policy

UK approves a record 131 renewable energy projects

Energy Policy

French diesel prices back to pre-Ukrainian conflict levels

Diesel prices fall to €1.60/L, returning to pre-Russian invasion levels, despite the volatility of the oil market.

Energy Policy

French diesel prices back to pre-Ukrainian conflict levels

Diesel prices fall to €1.60/L, returning to pre-Russian invasion levels, despite the volatility of the oil market.

Energy Policy

Libya: Crisis intensifies around the Central Bank

National Oil Company announces force majeure on El-Feel, heightening tensions over control of Libya's Central Bank. Oil production disruptions exacerbate fuel shortages against a backdrop of political rivalries.

Energy Policy

Brazil: Petrobras adjusts its gas reinjection strategy in line with its priorities

Petrobras decided to reduce the reinjection of natural gas into new wells, underlining a pragmatic approach that contrasts with Lula da Silva's declared climate objectives at COP28, exposing tensions within Brazil's energy policies.

Energy Policy

Brazil: Petrobras adjusts its gas reinjection strategy in line with its priorities

Energy Policy

Kenya: Nairobi and six regions plunged into darkness

A power failure paralyzes Nairobi and six regions of Kenya, affecting millions of people. Backup systems at Jomo Kenyatta airport ensure continued operations.

Energy Policy

Kenya: Nairobi and six regions plunged into darkness

A power failure paralyzes Nairobi and six regions of Kenya, affecting millions of people. Backup systems at Jomo Kenyatta airport ensure continued operations.

Energy Policy

Blackout in Venezuela: The Limits of a Fragile Power System

A blackout lasting over 12 hours in Venezuela exposes the weaknesses of the national power grid. While the government accuses the opposition of sabotage, experts point to a lack of maintenance and chronic structural failures.

Energy Policy

Blackout in Venezuela: The Limits of a Fragile Power System

Energy Policy

Azerbaijan: Strategic repositioning and dependence on hydrocarbons

Azerbaijan, rich in oil and gas, is adjusting its energy policy to maintain its position on international markets while responding to the challenges of an economy overly concentrated on hydrocarbons.

Energy Policy

Libya: Central Bank Governor flees and Oil Blockade escalates

In Libya, the struggle for control of the Central Bank is causing growing tensions, forcing the governor to flee under threat and leading to an oil blockade that is severely affecting production and international markets.

Energy Policy

Libya: Central Bank Governor flees and Oil Blockade escalates

Energy Policy

Oxfam launches a tool to structure the energy transition in Asia

Oxfam is proposing a new strategic tool to guide energy transition policies in Asia, by promoting better coordination between regulators, financial institutions and local players.

Energy Policy

Oxfam launches a tool to structure the energy transition in Asia

Oxfam is proposing a new strategic tool to guide energy transition policies in Asia, by promoting better coordination between regulators, financial institutions and local players.

Energy Policy

United States: 31 million federal acres dedicated to solar expansion

The Biden administration lays out a plan to accelerate solar development on 31 million acres in 11 Western states, aiming to simplify permitting processes and boost energy infrastructure.

Energy Policy

United States: 31 million federal acres dedicated to solar expansion

The Biden administration lays out a plan to accelerate solar development on 31 million acres in 11 Western states, aiming to simplify permitting processes and boost energy infrastructure.

Energy Policy

Typhoon Shanshan disrupts power supply in Japan

Typhoon Shanshan is causing production cuts at gas and coal-fired power stations in western Japan, driving up prices on the spot electricity market.

Energy Policy

China exceeds its 2024 solar targets

China is meeting its 2024 solar and wind capacity targets six years ahead of schedule, thanks to massive investment in infrastructure. However, the country still faces coal constraints and grid inefficiencies.

Energy Policy

China exceeds its 2024 solar targets

Energy Policy

Sustained growth in US clean energy jobs in 2023

Employment in the US clean energy sector is set to grow by 4.2% in 2023, outpacing overall employment growth. Public policies and private investment are supporting this trend.

Energy Policy

Sustained growth in US clean energy jobs in 2023

Employment in the US clean energy sector is set to grow by 4.2% in 2023, outpacing overall employment growth. Public policies and private investment are supporting this trend.