Abstract
In order to understand the relationship between Russian oil companies and the Russian government, one must understand the system of social property rights (the formal and informal rules governing the use of property) that emerged following the collapse of the Soviet Union. The most important feature of this system is that it consists of patron‐client ties linking state officials and their clients, commonly referred to as oligarchs. This framework is used to explain the clash between Vladimir Putin's administration and the oil giant Yukos and its major owner Mikhail Khodorkovsky. We conclude be examining the policy implications of the analysis.
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