Episode Notes:

Mike talks with Sergey Vakulenko, Senior Fellow at Carnegie Berlin and former Russian energy sector insider, about the mounting pressures on Russia's oil industry through 2035. They dig into why declining production may be inevitable, how Russia's complex tax regime extracts revenue from oil, and what Ukraine's escalating drone strikes on Baltic and Black Sea export terminals mean for Russian capacity to cash in on rising global energy prices.

Image: Ivan Studenov via Wikimedia Commons