Written by the Fiveable Content Team • Last updated September 2025
Verified for the 2026 exam
Verified for the 2026 exam•Written by the Fiveable Content Team • Last updated September 2025
Definition
The nationalization of oil refers to the process of a government taking control and ownership of the oil industry within its country. In this case, it specifically relates to Russia under Putin's leadership.
These are wealthy individuals who gained significant power and influence in Russia during the privatization era after the fall of the Soviet Union.
State-owned enterprises: These are companies or organizations that are owned and operated by the government rather than private individuals or entities.
Resource curse: This term describes a situation where countries rich in natural resources, like oil, suffer from economic instability, corruption, and lack of development.