The purpose of this paper is to study the process of change in ownership structure in the Russian oil industry and Putin's oil policy and its implication. For this purpose, author examined privatisation process of Russian oil industry. Russian oil industry has been completely restructured in the process of privatisation program of the 1990s. In result, vertically-integrated type oil companies was estab-lished during the terms of former President Yeltsin. After restructuring of russian oil industry, owner-ship structure was completely changed from state's control to private ownership. Since Yukos scandal happened, the dominant position of vertically-integrated oil companies de-clined and Putin government's control about oil production and export was more and more tightening. President Putin attempts to take back control of the oil industry. At present russian government use various policy as means of more controlled development of oil production and export. Taxation, li-censing and oil pipeline system are considered as the most efficient tools. Based on the results of this study, author provides some implications about Putin's oil policy. Various statistics exactly showed efficiency of private oil companies in operating oil production and export. So author suggests Putin government take steps to guarantee profit of vertically integrated oil company and tax their excess oil rent at the rational level. Establishment of stable business envi-ronment suitable for activities of private oil company will be a win-win strategy for each other.

The purpose of this paper is to study the process of change in ownership structure in the Russian oil industry and Putin's oil policy and its implication. For this purpose, author examined privatisation process of Russian oil industry. Russian oil industry has been completely restructured in the process of privatisation program of the 1990s. In result, vertically-integrated type oil companies was estab-lished during the terms of former President Yeltsin. After restructuring of russian oil industry, owner-ship structure was completely changed from state's control to private ownership. Since Yukos scandal happened, the dominant position of vertically-integrated oil companies de-clined and Putin government's control about oil production and export was more and more tightening. President Putin attempts to take back control of the oil industry. At present russian government use various policy as means of more controlled development of oil production and export. Taxation, li-censing and oil pipeline system are considered as the most efficient tools. Based on the results of this study, author provides some implications about Putin's oil policy. Various statistics exactly showed efficiency of private oil companies in operating oil production and export. So author suggests Putin government take steps to guarantee profit of vertically integrated oil company and tax their excess oil rent at the rational level. Establishment of stable business envi-ronment suitable for activities of private oil company will be a win-win strategy for each other.