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An End and Two Beginnings

In: The Rivers of Money

Author

Listed:
  • Adi Imsirovic

    (Surrey Clean Energy)

  • Colin Bryce

    (Energex Partners)

Abstract

This chapter chronicles the role of Russia and the former Soviet Union in the modern oil trading landscape, and highlights two crucial beginnings: the formation of Glencore and Trafigura. It explores Trafigura's foundation, following internal power struggles and strategic shifts within Marc Rich’s empire. The narrative moves from the decline of centralised Soviet oil control to the chaotic, opportunity-rich environment of post-Soviet Russia, where traders leveraged political and market disarray to unlock vast profits. The chapter details how early Western entrants navigated opaque systems, legislative arbitrage, and evolving state-owned entities like Rosneft and Lukoil. It underscores how relationships, entrepreneurial risk-taking, and local alliances fuelled the rapid rise of now-dominant global trading firms. While the Russian market never fully embraced transparent, traded oil markets, it provided fertile ground for independent traders adept at operating in volatile, high-risk environments, leaving a lasting impact on the global commodities trade.

Suggested Citation

  • Adi Imsirovic & Colin Bryce, 2025. "An End and Two Beginnings," Springer Books, in: The Rivers of Money, chapter 0, pages 203-218, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-91806-3_12
    DOI: 10.1007/978-3-031-91806-3_12
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