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Cliff Gaddy, Brookings Institution - Senior Fellow, Foreign Policy, Center on the United States and Europe

For 40 years Russia’s domestic economic and political development and its foreign policy ambitions have been driven by the varying fortunes of its oil and gas wealth. The story continues to play out today, with crucial global consequences. Russia remains the world’s largest producer of oil and gas. It holds the third 10 largest foreign exchange reserves in the world. Understanding the role of Russia’s energy wealth is key to understanding what role the country may play in world energy security and geopolitics in the years ahead.