A neoinstitutionalist interpretation of the changes in the Russian oil model

▶ In this study, we analyse the evolution of the Russian oil model since the reform of the 1990s. ▶ The aim of the present paper is to study reasons and consequences of renewed state control of Russia's oil industry, and the likelihood and manner of stabilization of the institutional framework in which operators are working. ▶ One of the central hypotheses in this paper therefore is that NOCs are a substitute for weak and contested ownership rights. They are used by the State to protect its ownership rights.