When BP agreed its peace deal with the Alfa-Access-Renova group of Russian tycoons last year to end the long-running conflict over their joint venture TNK-BP, it was clear that the significance of the agreement would be known only after the details had been filled in.

Had BP been outsmarted and outfought, and forced into concessions that would fatally undermine its prospects in Russia? Or had it made a skilful compromise in order to retain its strategic position – making the concessions it needed to end the dispute with AAR, while retaining the structure that underpinned the joint venture’s success?