Bloomberg reports: After reinventing itself as a major power in the Middle East by force in Syria, Russia is now using its other strong suit, energy, to expand its influence across the region.
A series of agreements is allowing Russia and the Gulf states to cooperate in areas where their interests meet, looking beyond Syria where they have backed opposing sides in a brutal proxy war. Over the past month alone, Russia brokered the first deal between the Organization of Petroleum Exporting Countries and non-OPEC nations in 15 years to cut oil production, secured a $5 billion investment by Qatar in oil giant Rosneft PJSC, and then saw Rosneft agree to pay as much as $2.8 billion for a stake in an Egyptian gas field.
“Russia is really keen to increase leverage in the Middle East by every means,” said Fyodor Lukyanov, chairman of Russia’s Council on Foreign and Defense Policy.
It’s a reflection of how events in the region are combining in favor of Russian President Vladimir Putin as rarely before. A cooling of U.S. alliances in the Gulf in recent years, the havoc cheaper oil has wreaked in energy-dependent economies and a recognition that Russia can no longer be ignored on regional security issues mean Putin is pushing at an increasingly open door. [Continue reading…]