Russia Dangles Arctic Oil to Lure Back U.S. Firms

The Kremlin is signaling that it’s once again open for business with American oil companies—if the political winds shift. Russian Direct Investment Fund chief Kirill Dmitriev told reporters ahead of talks in Saudi Arabia that Moscow sees a return of U.S. firms as inevitable, arguing that American majors once thrived in Russia and they would be unwise to ignore the opportunity again. The pitch comes as Russia faces mounting pressure to fill the void left by Western oilfield services giants like Halliburton and Baker Hughes, which exited…