Putin’s Next Takeover Target Is Oil Giant's $34 Billion Cash Pile

In Russia, even private companies serve at the pleasure of the president, particularly if they pump oil.

A decade ago, Vladimir Putin’s allies had Mikhail Khodorkovsky jailed and seized his Yukos Oil Co. Last year, they forced billionaire Vladimir Evtushenkov to hand over OAO Bashneft. Now they’re coveting the biggest corporate treasure of all: OAO Surgutneftegas.