After TNK-BP's Russian shareholders challenged Moscow by derailing a strategic alliance between Rosneft and BP that was masterminded by Deputy Prime Minister Igor Sechin and blessed by Prime Minister Vladimir Putin, the fate of the joint venture hangs in the balance (NC Aug.11'11). However, the company's prospects could be squeezed not so much by the repercussions its shareholders may face, but rather by Russia's harsh fiscal regime, which makes it difficult to keep its business running efficiently. If the tax system stays unchanged, TNK-BP does not rule out the possibility that it could review its portfolio and offload some assets.
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