All That Glitters

Three years ago, British Petroleum retreated from Russia. In the wild and woolly days of post-communist euphoria, it had invested $480 million in a Siberian producer called Sidanco with rights to 2 billion barrels' worth of oil reserves. In short order it lost nearly half its money through a financial sleight of hand of the sort that has long made multinationals wary of doing business in the country. But now BP is back. Just last month it invested $375 million for an even larger stake in the...
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