DOI: 10.32609/j.ruje.12.168448

Authors: Mikhail V. Rodchenkov

Abstract: This study examines the impact of extreme temperatures on energy-sector companies, highlighting the financial and economic consequences of these temperatures as an important aspect of financial performance analysis. The research methodology is based on the application of regression models to corporate financial statements. This research obtained statistically significant evidence of a relationship among asset structure, financial flows, and external temperature for 55 publicly traded energy companies from 20 countries. The transformation of asset and cost structures is a necessary adaptation measure for companies operating in regions with harsh climates; the results reveal a significant excess of capital expenditures over operating expenses under such conditions. This study identified changes in the structure of financial flows that increased the financial burden and reduced investment attractiveness for these companies. The J-factor’s nonlinear function reflects greater variability in operating conditions at low temperatures than at high temperatures, explaining contradictions in capitalization between regions with hot and extremely cold climates. The forced nature of the changes and the involvement of many sectoral players heighten the challenges in finding solutions to ensure market fairness and mitigate the uneven impact of climate change on businesses in colder regions. This study’s results partially explain inconsistencies in tariff setting and product cost coordination among companies in regions with extreme climates and those in more temperate areas and outline the contours of required management decisions at the global, national, and corporate levels. The author expresses sincere gratitude to the attendees of the Lomonosov Readings in April 2025 and the 52nd EBES conference in Istanbul in July 2025 for their insightful comments. The author also thanks Professor Viktor Suyts for his continuous support and the companies that provided financial statements and valuable comments for this study.

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DOI: 10.32609/j.ruje.10.125317

Authors: Maribel Aponte-Garcia

Abstract: In response to international sanctions, Russia has restructured its hydrocarbon commerce through trade deflection, redirecting exports from sanctioning to non-sanctioning countries. The research aimed to analyze hydrocarbon trade deflection under the Russia–Ukraine conflict within the context of the China–Russia Strategic Partnership and BRICS, and to assess the restructuring of Russia’s crude oil and natural gas supply chains from 2020 to 2023. Two questions were addressed: Whether trade deflection shifted towards non-sanctioning countries, including China and other BRICS countries; whether Russia’s oil and gas supply chains were restructured towards these regions? Design incorporates the method developed by the author which generates and utilizes an integrated database of Bill of Lading and export data to analyze supply-chain trade restructuring, identifying specific shifts in trade flows by product, country, and enterprises. Findings reflected that after sanctions were imposed in early 2022, Russian hydrocarbon exports to sanctioning countries declined sharply, while exports to non-sanctioning countries, particularly China and India, increased significantly. Findings demonstrate the effectiveness of trade deflection as a strategic response to sanctions. This strategy has mitigated the adverse impacts on Russian oil and gas industry, with significant increases in exports to China and India. The Comprehensive Strategic Partnership with China has helped secure a substantial market for Russian crude oil and increased China’s energy security. This study enhances understanding of trade deflection mechanisms and provides a framework for analyzing the interplay between international trade, geopolitical strategies, and economic resilience. Geopolitical alliances and trade partnerships have ensured resilience and continuity in global trade. This shift indicates strategic diversification towards Asian markets and increased Central Asian involvement. BRICS engagement has provided Russia with a platform to advocate for energy security and challenge Western dominance in global energy governance. Future research should explore other supply-chain components and analyze trade within the BRICS+ group and Russia–China bilateral trade.

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DOI: 10.32609/j.ruje.6.49749

Authors: Saule Burkitbayeva, Johan Swinnen, Nele Warrinnier

Abstract: Food and nutrition security is at the forefront of policy making around the globe. This study focuses on a number of Eurasian countries, namely the Russian Federation, Kazakhstan, Uzbekistan, Armenia, Tajikistan and Kyrgyzstan. From under-nutrition to various forms of malnutrition and obesity, these countries face different challenges when it comes to food and nutrition security. Over the last three decades, their situations have been affected by a number of important income shocks, including through falling remittances from relatively wealthier to poorer countries. This paper analyzes these developments and discusses how these countries have introduced policies to address food and nutrition security.

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DOI: 10.32609/j.ruje.5.49472

Authors: Georg Zachmann

Abstract: There is a growing worry in the EU that a rapprochement between Russia and China can have negative implications for the EU. This paper argues that energy relations between the EU and Russia and between China and Russia influence each other. To do this, the paper analyzes interactions in oil and gas trading, electricity exchanges, energy technology exports and energy investments. No evidence for a negative spillover of developing Russia–China energy relations on the EU is found.

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