This chapter examines the potential implications for the European Union and for EU-Russian relations of recent developments in Russian economic policy. Its principal argument may be stated simply. A number of changes in Russian economic policy during 2003–05 augur ill for both the further growth of its core resource-exporting sectors (especially oil and gas) and the further diversification of its production and export structure. On both counts, this is bad news for European Union member states. Europe has an obvious interest in the successful development of Russia’s resource sectors. It also has a less obvious, but no less compelling, interest in the evolution of Russia’s production and export structure in the direction of greater diversification and increased production of services and more sophisticated manufactures
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