The Role of Fuel and Energy Sector in the Eurasian Economic Community Integration Process

The article focuses on creation of the common energy space among the Customs Union and the Common Economic Space countries. We analyzes energy markets in Russia, Kazakhstan and Belarus, natural resources potential of these countries and their energy exports, as well as pays particular attention to the current oil and gas supplies regulation within the Customs Union. The main problems emphasized in the article are the common oil and gas market establishment, harmonization of the national energy legislation, effective transit potential use, development and adoption of common rules for the oil and gas industry access, removal of duties and establishment of common tariff policy. In conclusion, recommendations for development of Russia's Eurasian integration strategy are presented. Keywords: Energy, Eurasian integration, Common Economic Space. JEL Classification: F02

Asian financial development: the rise of a new financial system

Today, the global financial system is inefficient in bridging the gap between the developed and developing countries. The dynamically developing countries, such as Asian states, are not satisfied with modern international financial institutions and are actively involved in regional integration, creating new international financial institutions. The newly formed financial institutions contribute to the formation of a different system of financial relations in Asia, which, in turn, is being transformed into the Asian financial system. These trends cannot avoid the impact of the global imbalances. The object of the article is to prove the efficiency of the Asian financial institutions in fighting global imbalances in the region. The major task of these institutions is not the substitution of the current global mechanisms, but their assistance and helping them in solving the global problems on the regional level. The major results include the proof that the developing economies in Asia are more consolidated and capable of conducting a single economic strategy in the long run and the proof of the higher efficiency of Asian financial institutions and their single geo-economic strategy in the long run; this suggests that a new Asian financial system is being built

Establishment and Marketing of New Oil Benchmarks in the Structure of Global Oil and Oil Products Mercantile Trade: the Russian Case

The organization of oil and oil products stock trading that requires for independent national price indicators establishment, will promote the formation of a fair prices for energy commodities, the extension of influence of the national currency on the global market and the decrease of impact of external fluctuations of global economy. In this article, the authors review the possibility of inclusion of new oil benchmarks in the structure of the global oil and oil products mercantile trade. In particular, the Russian case is the major research subject, and the assessment is made for the purpose of strengthening the country's leverage over free market prices and in the interests of the state budget and national companies. Special attention is also given to the analysis of the contemporary contract structure of the global oil market and imposed risks. The authors develop the methodological framework for oil and oil products price indicators calculation and the suggestions about the promotion and marketing of Russian oil benchmark on the international level. Keywords: oil, oil products, mercantile exchange, benchmark, global oil market, international relations JEL Classifications: F13, N70, O24, Q4

Smart Cities in Future Energy System Architecture

The article analyzes new technologies, which establish modern trends for future electric power systems operation and development, and their impact on production, storage, transmission, distribution and consumption of electricity. The article also studies trends and approaches to urban planning with an emphasis on energy infrastructure, where success in “smart city” and “smart grid” concepts implementation is considered as overarching question. The general requirements for smart power supply system are defined, problems that need to be solved are formulated, and a number of general recommendations are given for future development. Keywords: energy system, smart grid, smart cities JEL Classifications: L94; Q42; Q48; H5

Civilization Forecasts

Book review: Strategic prognostication of international relations: the count. monograph / ed. A.I., Podberezkin, M.V. Aleksandrov; [A. Podberezkin I. et al.]; Moscow State Institute of International Relations (University), Ministry of Foreign Affairs of the Russian Federation the Center for Military-Political Studies. - M.: MGIMO-University, 2016. - 743 p

Global Refining Industry in Retrospect, and Evaluation of Russia-EU Petroleum Products' Trade Perspectives

Oil-refining industry plays a significant role in the development of the world fuel and energy complex. In the meantime, at the current stage of this industry's development quality changes are taking place in it. Taking into account the traditional siting of refinery capacity close to consumption centers, many countries consider the possibility of building their own oil refineries to satisfy the growing domestic demand for oil products. Other countries consider the possibility of developing refineries not only for the national market, but also for export of petroleum products. Such a tendency can be observed in Russia. The article deals with current state and relevant issues of development of oil refining industry on the global scale, with the latter being largely driven by consumer demand changes. Particular attention is given to Baltic Sea region countries that are considered as potential markets for diesel fuel exports in the context of the capacity increase of oil refining in Russia. Keywords: Russia, oil, petroleum products, diesel, refining, international trade, EU, energy market JEL Classifications: F16, F63, O52, R12, L16, L7