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Dependency on Russian Energy: Threat or Opportunity?
EVER SINCE 2010, when the giant Russian energy firm Gazprom started building the Nord Stream gas pipeline connecting Russia directly with Germany—and especially since the unveiling of plans for parallel Nord Stream 2, which would double the pipeline’s capacity and likely significantly reduce the transit of Russian gas through Ukraine—Ukraine has been pursuing an all-out campaign to prevent the construction of this pipeline and to preserve the country’s role as the key transit provider for Russian natural gas exports to the European Union’s member states. At the same time, Ukraine found itself at war against Russian aggression—having over 7 percent of its territory either outright occupied by Russia or controlled by Russian-backed separatists—while seeking to minimize its imports of Russian energy. Taking these events at face value, why would Ukraine, given Russian aggression, want to continue both its transit relationship and also the related deep entanglement of its economy with Russia’s? Would not this continue to make Ukraine vulnerable to Russian energy blackmail, especially in a situation of open conflict?
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This story, and many similar stories I have encountered in the course of more than two decades working on energy issues in the countries of the former Soviet Union (FSU), exemplifies some of the thorniest issues with which I have grappled in my professional life. Throughout all these years—which included spending three years conducting field research in Russia, Ukraine, Belarus, Lithuania, Moldova, and Hungary, and writing three books on energy politics in the region— I have asked myself repeatedly: How have Russia’s energy-poor neighbors dealt with Russia’s energy prowess?1 How have they dealt with the threat of Russia’s use of its energy power against them, most obviously through possible supply suspensions? I sought to answer these questions by looking at them from many different angles. I talked with politicians and analysts of all stripes in all the countries involved, and attended countless academic, think tank, and industry meetings. I pored over thousands of pages of industry analyses in Russian, Ukrainian, Hungarian, and German. With the help of a translator, I unveiled key insights from Lithuanian intelligence reports exposing major gas scandals. As I worked on this, increasingly sharp press and academic coverage started to unfold about the Russian energy weapon and the threat implied by it for Russia’s energy-dependent neighbors. Yet the more I looked at this issue, the more I understood that the threat Russian energy represented for these states could not be understood without also understanding the opportunity, even the temptation, represented by Russian energy.2 I realize that this sounds highly controversial. Do I mean that these countries actually wanted to be dependent on Russian energy? Temptation and opportunity—in what sense? The temptation has been, most obviously, one of corrupt gains that could be made by well-connected groups able to tap into the large energy rents that could be accrued even in a situation of energy dependency.3 Indeed, the post-Soviet period presents many examples of energy policy being hijacked by corrupt interests, as we often saw in the case of Ukraine—I wrote an entire book on the subject.4 But the more deeply I delved into the issue, the more I came to understand that there was something even deeper and more complex than corruption at play here: how risk and opportunity, threat and temptation, were but two faces of the same phenomenon—these states’ participation in the value and supply chains (i.e., the entire process, from the discovery of an energy commodity to its delivery to final consumers) associated with the exporting of Russia’s energy riches. The rewards of this participation came most
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prominently not from sales to end consumers at the physical end of the value chain, but mainly from transit and other midstream activities facilitating access to profits, subsidies, and rents. Even in those situations where elite corruption in energy-dependent countries did not get in the way of the state initiating a proactive energy policy, there was often a tension between two goals: establishing infrastructure to diversify supplies, and strengthening the country’s role in the energy value chain of its main supplier, Russia. This took place in a variety of ways, for example, through a country’s role in Russian oil and gas exports (e.g., Ukraine’s role in gas transit, Latvia’s role in oil transhipment through the Ventspils port, or Lithuania’s and Belarus’s roles in oil refining) as a way to both maintain a degree of leverage vis-à-vis its largest supplier and as a means of accessing spillover profits from Russian exports. But behind both threat and opportunity was something even more basic: demand for fossil fuels and their by-products, a key hallmark of twentieth-century economic development generally and especially so in FSU states whose resource use was shaped by energy-intensive Soviet patterns of economic development. Because of the way energy technical systems work (see chapters 3 through 6), being part of an energy exporter’s value chains often locks in dependency on its supplies. And continued participation in these chains was also the result of strong path dependencies inherited from the Soviet period. So, on one hand, participation in these chains helped keep countries such as Ukraine dependent on Russia; on the other hand, participation brought significant income to the country and actors within it. Similar tensions could also be found in the cases of Belarus and the Baltic states.5 In some cases, this participation was mainly elite-based; in others, it was part of an economic development strategy in which the benefits of integration into Russian energy value chains could trickle down to the entire population; for example, in the case of Belarus in the early 2000s, this became the key to the survival of an otherwise economically unviable regime.6 Although Ukraine and Belarus may offer the most obvious examples, a similar tension has characterized relations with states and other actors well west of their borders, including EU states and companies involved in Nord Stream and other Russian energy export projects. These two aspects of the role of Russian energy supplies in the broad region from Vladivostok to Brussels create the puzzle this book
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seeks to answer—a puzzle that cannot be understood without paying attention to the technical and commercial aspects of energy, which are crucial for understanding the transit and other midstream activities at the book’s core. Some may ask: given the momentous changes taking place in global energy markets, are Russian fossil fuels still an issue?7 As I write these lines in 2020, the economic power of Russian oil and gas companies seems to be declining as a result of developments such as the rise in liquefied natural gas supplies, the fracking revolution and resulting U.S. exports and oversupply of oil and gas, the sharp decline in world oil prices—which in the spring of 2020, as a result of the COVID-19 pandemic crisis, fell to their lowest point in two decades—and the EU Commission’s measures weakening Gazprom’s monopoly on natural gas supplies to the region. The rapid technological advances in energy storage driving the renewables revolution through rapidly declining costs, as well as international agreements such as the December 2015 Paris Agreements, promised the dawn of a (hydro)carbon-free energy future. However, though a bright, carbon-free energy future may be in the making, the transition to it has continued to be paved with fossil fuels, at least through the second decade of the twenty-first century— and thus the use of coal, the most environmentally problematic fossil fuel, reached world records in 2014. In two of the three scenarios drawn up by the International Energy Agency for 2040, the role of fossil fuels in global energy changes only modestly—from the current 81 percent, as of 2016, to 79 percent, under the agency’s Current Policies Scenario, or to 75 percent under its New Policies Scenario. Only under its more radical Sustainable Development Scenario would fossil fuel use decline to 61 percent by 2040.8 Thus fossil fuels are still very much worthy of our attention. Most important, whatever the future prospects of fossil fuels, they remain central for understanding a key formative period for former Soviet states: the first twenty-odd years of their post-Soviet statehood, from 1991 to the Russian annexation of Crimea in 2014. During this period, in post-Soviet country after post-Soviet country, specific ways of navigating the balance between the threat and opportunity of Russian energy left a strong imprint on their political systems;9 the rampant corruption that characterized the sector in many of these states led to a weakening of democratic governance, often hijacking the hopes unleashed by the 1989–91 democratic revolutions.10
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So far, scholars have been asking: how has Russia used energy as a weapon against these states? An even more important question, however, is: how has that influence been able to penetrate so deeply into these states’ domestic political fabrics? If energy power had been simply about Russia’s external power (threat), its consequences would not have been so devastating. But the way this power interfaced with the interests of a variety of actors along the entire value chain (opportunity)—in Russia, other FSU states, and the EU—affected these states’ social relations in a much more fundamental way, creating a number of coalitions and alliances that deeply affected both each state’s domestic politics and its foreign relations. In the case of Ukraine, for example, energy-sectordriven corruption helped destroy the hopes associated with independence in 1991 and the Orange Revolution in 2004; access to resources that could have been used to build a successful and efficient independent state was bogged down by corruption. Therefore, the central questions this book seeks to answer are: How have the specificities of these energy value chains affected power relations in the region, and how have these been different for different types of energy? How have these specificities constrained or amplified Russia’s ability to use energy supplies as leverage? To answer these questions, the book brings into dialogue insights from economics, sociology, and critical geography, in addition to political science. From political science, I take power as a central organizing concept, yet understood not only in relational terms of power as influence but also as a dynamic social force (Foucault) and as constitutive power empowering actors to be and do—that is, the power to.11 Such constitutive power interacts with “power as influence”—sometimes potentiating, sometimes constraining an energy supplier’s ability to use energy as a means of leverage, which forces us to rethink our assumptions about the directionality of “energy power.” From economics, I take the importance of commodities, of analyzing their trade in terms of their whole value chain life cycle and not simply the supply of ready products (Gereffi et al.), within the context of the fragmentation, internationalization, and reintegration of production on a global scale (Wallerstein).12 This book also builds upon previous work in cultural theory, anthropology, sociology, and geography that reflects on the value of commodities above and beyond their exchange value (Braudillard), on how inanimate objects operate in social life and affect human–material
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interactions (Appadurai, Latour), on the importance of materiality for understanding the role of energy resources in political life (Mitchell, Barry, Rogers), and on how energy infrastructures help shape relationships between individuals, the state, and industrial enterprises (Collier).13 Anthropological perspectives on the various extra-economic “uses” of economic exchange (Gregory, Carrier), as well as on the identity-shaping power of industrial sites (Burawoy) also provide important insights for understanding power issues in the local-space critical nodes analyzed in this book, many of which (e.g., refineries) are also industrial sites.14 The book builds on these insights to create a new understanding of the value and power chains linking Russian energy sources to their end consumers in the EU and beyond.
CONVENTIONAL CONCEPTIONS OF ENERGY AND POWER—AND THEIR LIMITATIONS Until now, our views of energy have been too one-dimensional to do justice to the realities outlined above, in at least three ways. First and foremost, energy relations in the region have been viewed largely through the Russian state energy power dimension. Second, more generally, we have tended to look at energy issues without paying much attention to the differences between different energy types, and largely through the prism of oil, contemporary societies’ most-talked-about fossil fuel. And third, we have reduced complex energy issues to a focus on energy supply. Focusing on these three dimensions has made it harder to understand the true impact of Russian energy on the social and political life of countries related to Russia’s energy value chains—from Latvia, with its lucrative transshipment of Russian oil until the mid2000s, to Italy’s unique role in the value chain of Russian coal exports, to EU-state energy companies’ active participation in Russian energy projects. These three traditional ways of looking at energy—focusing on energy as state power, exports/supplies, and oil—share the fact that each has exacerbated the neglect of the technical and commercial aspects of energy’s value and supply chains—how the processes needed to transform primary energy supplies to end-use energy affect power relations. The concept of technopolitics enters the scene here, because—as in the work of scholars such as Gabrielle Hecht
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and Timothy Mitchell—it brings to the fore both how power may be exerted through certain technologies (i.e., the use of technology for political purposes) and how technical requirements shape political questions, with the implication of technology’s ability to empower actors—different actors in different circumstances.15 Let us take a brief look at each of the these traditional ways of thinking about energy.
Russia’s “State Energy Weapon” and Its Discontents Given Russia’s major role as oil, natural gas, and coal supplier to the EU and—especially—to energy-dependent former Soviet states, much attention has focused on the Russian state’s use of energy as a means of exerting power over other states—Russia’s energy weapon.16 Given Russia’s significant energy resources—at the time of its annexation of Crimea in 2014, it was the world’s largest exporter of natural gas, second-largest exporter of crude oil (the largest, if one includes both crude oil and refined oil product exports), and third-largest exporter of coal—such views are not surprising.17 In much of the existing literature, images of weak neighboring states and the EU with its weak common energy policy are juxtaposed with a picture of the strong Russian state, with its centralized control of the energy sector able to use “energy power” as a political weapon vis-à-vis its energy-dependent neighbors and other consumers. Thus, the focus has been on Russia’s state power and exports, and on the share of these in the energy imports of consumer states.18 This emphasis can be seen as a delayed reflection of approaches developed in the shadow of the 1973 oil crisis and 1973–74 oil embargo by the Organization of the Petroleum Exporting Countries (OPEC) and the Organization of Arab Petroleum Exporting Countries (OAPEC),19 which awoke scholars to the power of energy and helped shape the way we think about energy actors and energy power.20 Even though the embargo was from an association of states, OAPEC, and not individual states, it was perceived by many through the lens of the attempt to use state-owned companies to influence other states’ policies (i.e., Western states’ support of Israel), contributing to an overwhelming focus on energy as state power. This experience fostered thinking about energy power in terms of one particular type of power: power to get another state to do something desired by another state; in other words, power over someone. In this Dahlian conception of power, power is influence, or “power
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over,” “an attribute that an actor possesses and may use knowingly as a resource to shape the actions or conditions of action of others,” for example, by withholding or threatening to withhold energy supplies.21 This type of thinking has had a long-term impact on the field, fostering speculation about energy as a “weapon.” Geopolitical and neorealist approaches highlighting states’ use of strategic commodities as a means to exercise power vis-à-vis other states have dominated these debates,22 which gained new strength in the 1990s with discussions of Russia’s use of energy in its relations with energy-poor postSoviet states, and, potentially, EU energy importers; such relations have largely been analyzed in terms of “power, security, and zero-sum geopolitical competition.”23 However, it is not enough to simply talk about the use of energy as a weapon without understanding the entire set of actors and processes in the energy value chains. Once the full array of actors is brought into the analysis, a more complex picture emerges. The traditional approach has failed to offer satisfactory explanations for other key post-Soviet and European energy dynamics, from Ukraine’s lack of resolve in breaking its energy dependence on Russia (until massive price increases, starting in 201024), despite the heavy political costs created by this dependency; to EU companies’ wavering support for infrastructure projects (e.g., the Nabucco gas pipeline), intended to reduce the Union’s dependence on Russian energy and, conversely, support for projects such as the Nord Stream pipeline, solidifying this dependency. State-centered approaches are not able to fully explain these situations because they neglect a key piece in the puzzle: the role of multiple actors above and beyond the central state, located all along the value chains extending between production in Russia and use by end consumers in the EU, and whose behavior is also constrained by the technical requirements of these chains. In particular, energy analyses privileging the role of the Russian state have underestimated the impact of three types of actors. First, some actors are not involved directly in energy extraction (“upstream”) but in its further processing and trading (“midstream” and “downstream”); these include not only transit operators but also refineries, operators of storage facilities, and domestic gas and electricity suppliers. Second are domestic energy actors in energy-dependent post-Soviet states such as Ukraine and Belarus, which have been understudied due to general perceptions of these states as objects of Russian designs with
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little agency of their own. In reality, however, these energy-dependent states have had more agency than is commonly attributed them, with Russia’s ability to exert energy power having often been conditioned by domestic political processes in the energy-dependent states themselves, including the fact that in some cases important elite groups have found it advantageous to continue a situation of energy dependency as a means of extracting rents for themselves.25 And third are Russian actors that do not fit neatly within the re-statization narrative commonly used to describe the country’s energy processes under Vladimir Putin’s leadership (2000–) and Yukos’s nationalization in 2004: formally private energy actors—such as Gunvor and others working behind the headlines dominated by the state-controlled, giant producers Gazprom and Rosneft, as well as individual actors that, despite working formally as executives of state-owned companies or state institutions, may de facto be pursuing their own private interests.26 The fact that some of these actors may be at the very top of the state apparatus does not invalidate this point.27 The emphasis on energy as a Russian state weapon is also related to two longer-term trends in conventional approaches to energy: the focus on oil, and the overwhelming emphasis on supply and export issues, to the detriment of other aspects of the energy process. I turn to these briefly before presenting this book’s alternative perspective.
Still Hostages to Oil? Since the 1973–74 OPEC/OAPEC oil embargo, oil has dominated Western discussions of energy and power.28 Although there is no shortage of good research on other types of energy, such as natural gas, attempts at theorizing the role of energy in domestic politics and international relations have largely focused on oil, fostering the implicit assumption that other fossil fuels, such as natural gas, work in the same way as oil does.29 Other types of energy, such as nuclear power and renewables, have received much less attention; coal has been largely ignored. The fact that two of the most prominent bodies of literature linking energy with political development, those on the “oil curse” and “rentier state,” are based specifically on the experience of oil-rich states also contributed to this trend.30 Yet it is not necessary to look very far to see that for many states, and in international trade, other hydrocarbons are as important as oil. Although oil is the largest internationally
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traded commodity, and in 2015 it played the most important role in the global total primary energy supply, at 31.7 percent, followed by coal (28.1 percent) and natural gas (21.6 percent), coal was the most important source (at 39.3 percent) for electricity generation worldwide.31 Coal use in particular has seen an increase in the transition period between the unconventional hydrocarbons boom and a possible decarbonized future.32 New coal-fired generation capacities were being built worldwide—hardly a sign of coal going away from the global energy mix. The EU imports about one-third each of its oil, gas, and coal from Russia, making the virtual lack of research on coal as a component of these states’ energy imports from Russia especially puzzling. The overwhelming emphasis on oil not only has prevented us from thinking seriously about the differences between various energy types (see chapter 3) but also has fundamentally limited our ability to understand how energy really works throughout the entire value chain—the key focus of this book. When we make a serious effort to understand the differences between different types of energy, we not only see how different they are in terms of issues such as how each requires different means of transportation and processing before they can be used by end consumers but we also gain a better understanding of how they may have an impact on power relations. Thus, as is discussed in chapter 3, the degree of processing needed before an energy commodity is brought to market, and whether this processing is best done directly at the production site (as in the case of natural gas) or can be done in a variety of locations (as in the case of oil), will affect the relative power of midstream players in various geographical locations.33 So the ways in which the uneasy balance between opportunity and risk plays itself out will be different for different types of energy.
The Tyranny of an Overconcentration on Supply The emphasis on energy as a weapon has also led us to think mainly in terms of its most obvious use: through intentional supply disruptions. This emphasis reflects conventional approaches to energy security, which have largely been from a consumers’ perspective. Defining energy security as mainly security of supply has exacerbated the neglect of key aspects such as security of demand (i.e., the impact of stability of demand on energy exporters) and the technical hurdles involved in
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getting energy to be usable by final consumers.34 Similarly, much of the emphasis on energy supply has been based on the idea of energy as a security concern, not as a good that needs to be paid for. In reality, as a private good with the characteristics of a public good—that is, as a privately provided public good—energy is both, given its strategic and social welfare importance for concrete societies.35 Despite recent publications arguing that the increase in unconventional oil and natural gas exports from the United States may lead to a heyday of U.S. influence (along with a decline in Russian influence in European markets36), the idea that access to energy supplies may provide a security blanket regardless of price considerations is problematic, though it was perhaps accurate in a militarized setting such as World War II, when the United States’ abundant access to oil compared with that of Nazi Germany played a key role in the war’s outcome.37 Such an approach to energy security and energy power focusing on supply/exports exhibits both empirical and conceptual limitations. At an empirical level, a focus on exports/supplies does not do justice to the complex nature of energy trade in broader Europe. Russia depends significantly on Western technology for oil and natural gas extraction. To reach consumers in the EU and other nearby markets, oil, gas, and coal from Russia must not only travel thousands of kilometers from their production sites and transit through states with diverse political and economic relations with Russia. They must also go through a series of complex production and postproduction processes. These technical processes affect not only actors’ profits but also their engagement with further sets of actors that are key for completing specific steps in these value chains, such as transit, storage, and refining services. At a conceptual level, a focus on exports/supplies limits our perspective, because it draws on only one aspect of power: power as “power over” another person or state. Yet energy is power not only because it (i.e., its supply/withholding) can provide a state with influence or power over other states, but also because of its constitutive elements— that is, how the energy process affects “what capacities and practices” various actors are “socially empowered to undertake” (“power to”).38 In an energy context, such a constitutive perspective pays attention to how control over energy may both help constitute actors at a variety of levels (e.g., domestic-level political groups, firms, states, cartels, other international organizations) and affect relationships between them.
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This constitutive process often takes shape through the prospect of accessing and sharing profits through and throughout the value chain— through the value chain in the sense of the value chain being used for the constitution of energy power; and throughout the value chain in the sense of processes taking place at each stage in the chain, not just its supply/export component. So to understand the influence aspects of energy power, it is also necessary to understand its constitutive elements and how they help shape social actors—for example, which energy-related actors are able to develop political salience in a political community as a whole, not only within their sector.
UNDERSTANDING POWER RELATIONSHIPS THROUGH A VALUE CHAIN PERSPECTIVE Following a specific good through its entire supply chain from conception to final use—as shown by groundbreaking studies such as Rivoli’s The Travels of a T-Shirt in the Global Economy—can provide insights that may elude approaches based on large N studies. Although this is a book about energy, much inspiration for it came from research on commodity and supply chains outside the energy field.39 And though inspired by these books’ reader-friendly narratives, this book also explicitly incorporates a rigorous academic methodology (see chapter 2). Moreover, in contrast to most research in the supply chain narrative tradition—which has largely focused on single-commodity studies of global resource flows, from beef to shea butter to oil—this book explicitly seeks to compare the distinctive value chains of three fossil fuels. In order to understand the balance of opportunity and risk, of threat and temptation, in Russia’s energy relations with post-Soviet states and broader Europe, in the chapters below we follow Russia’s three key fossil fuel exports—natural gas, oil, and coal—from production in Siberia through final use in Germany, revealing, as the journey unfolds, the types of “power over” and “power to” that are unveiled— energy as an instrument of Russian power over other states, but also the role of Russian energy in helping to constitute domestic and transnational actors from the farthest corners of Russia to Brussels, which is the political center of the European Union—with myriad political implications.
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The book is divided into three parts. Part I presents the overall framework (this chapter and chapter 2), as well as the necessary background on how the material characteristics (“materiality”) of each of the fossil fuels followed in the book—natural gas, oil, and coal—affect the typical features of each of their markets, as well as power relations along their value chains (chapter 3). Part II of the book focuses on hydrocarbon chains and political power. It takes the discussion from the theoretical to the empirical by following Russia’s top three fossil fuels (natural gas, oil, coal) and the actors related to each of their value chains, from production and export through end use. Chapters 4 through 6 are devoted to the analysis of exemplary value chains of specific Russian hydrocarbons: natural gas (chapter 4), oil (chapter 5), and coal (chapter 6). These exemplary chains all run along the same basic spatial path: extraction in Russia, transit/processing in Ukraine (and other states), and final use in Germany. The chapters analyze the main characteristics and challenges of the respective value chain as experienced in the geographical area covered by its path. Part III focuses on new types of energy and new political chains. Chapter 7 revisits the question of the impact of energy materiality and value chains in shaping post-Soviet politics in the crucial years leading up to Russia’s annexation of Crimea in 2014. Chapter 8 analyzes how the market and political disruptions since 2014 have been changing the balance between energy threat and opportunity, given the global challenge of decarbonization.
“No other scholar has the depth of knowledge of the economics, politics, and social issues surrounding post-Soviet energy that Margarita M. Balmaceda does. The amount and variety of evidence she brings together make this book a tour de force.” —WILLIAM REISINGER, AUTHOR OF ENERGY AND THE SOVIET BLOC: ALLIANCE POLITICS AFTER STALIN
“Russian Energy Chains is a magnificent achievement. Balmaceda breaks free of the conventional oil-focused narratives about resource dependence by looking beyond the power of central states to control supply and showing instead the complex interaction of opportunity and dependence all along the value chain from producer to consumer. There is nothing like it in the field—a must-read.” —THANE GUSTAFSON, AUTHOR OF THE BRIDGE: NATURAL GAS IN A REDIVIDED EUROPE
“An impressive book that provides deep insights into the value chain and the power and market structures behind it. Balmaceda has written a highly scientific book, but it is also a fascinating travelogue that follows the molecule from its Russian source to the end consumer in Europe. I wish the book many readers!” —KIRSTEN WESTPHAL, COEDITOR OF THE POLITICAL AND ECONOMIC CHALLENGES OF ENERGY IN THE MIDDLE EAST AND NORTH AFRICA
“Russian Energy Chains glitters with fresh insight into the scores of links that bind molecular structure to international relations. With this book, Balmaceda reaffirms her place among the most creative scholars working on energy and politics today.” —DOUGLAS ROGERS, AUTHOR OF THE DEPTHS OF RUSSIA: OIL, POWER, AND CULTURE AFTER SOCIALISM
“Balmaceda’s tour-de-force analysis of energy sector value chains illustrates the weaponization of fossil fuels and how the regimes of consuming countries are tempted into corruption and dependence. Only this kind of geopolitical travelogue of energy sources can reveal this level of complexity and nuance.” —CATHERINE WANNER, EDITOR OF STATE SECULARISM AND LIVED RELIGION IN SOVIET RUSSIA AND UKRAINE
MARGARITA M. BALMACEDA is professor of diplomacy and international relations at Seton Hall University. She is also an associate at Harvard University’s Davis Center for Russian and Eurasian Studies and at the Harvard Ukrainian Research Institute. Her books include The Politics of Energy Dependency: Ukraine, Belarus, and Lithuania Between Domestic Oligarchs and Russian Pressure (2013) and Living the High Life in Minsk: Russian Energy Rents, Domestic Populism, and Belarus’ Impending Crisis (2014). WOODRO W W I L S O N C E N T E R S E R IE S
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