Глобализация рынка природного газа
High energy resource dependence of Ukraine's economy on gas imported from Russia is caused above all by the fact that while the Ukrainian industry is largely dependent on the Russian fuel there are no alternatives for Ukraine to diversify its import in the medium term. Key Ukrainian industries (the ore-metallurgical complex and the chemical industry) are too much dependent on the Russian gas.
The article focuses on the issue of possible decrease of the export gas volumes from Russia to European Union. The main question is, if Gazprom saves its monopoly competing with possible new providers of liquefied natural gas (LNG). The author provides a general analysis of the features and disadvantages of LNG, as well as examines the issues of EU LNG independence-rush by giving the examples of Lithuania and Poland terminals. The projects of Lithuanian floating regasification unit and Polish onshore terminal are aimed at diversification of gas supplies in order to provide energy independence from Gazprom, which held 100% of shares in the whole import energy market in the Baltic region and Poland. The article gives an analysis or risks and opportunities for Lithuania making a deal with potential LNG suppliers, according to the three possible scenarios in line with the estimated LNG prices: status quo, the search of the new suppliers (USA, Qatar) and the integration of the gas network among various terminals in the EU.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.