POLITICS & ECONOMICS: “Is Moscow’s Support for Serbia Stance Paying Off? Russian Firms Relish Push for Privatization ; Kosovo Link is Denied,” by Marc Champion, Wall Street Journal, 23 August 2007, p. A6.

While it’s tempting to think that Putin’s rather showy resumption of long-range bomber patrols signals the new face of Russian aggression, this story would point to a more likely route.

Moscow’s complaining it’s been shut out of Serbia since Milosevic fell, and with the government planning to privatize its state energy company and its state airline, it’s looking to reverse that situation, hence the suddenly vociferous support for Serbia’s position on Kosovo. Now, two Russian companies are looking solid in the bidding for these prized companies.

But you don’t want to over-dramatize this stuff: to the extent that we talk “spheres of influence,” they don’t mean what they once did. Serbia can see Russian investments flow and takeovers unfold and still progressively orient its economy to the EU--still the bigger magnet across the Balkans. After all, Russia’s energy interests increasingly move downstream into Europe, and the EU is still the EU.

More and more, this is business--nothing personal.

But, by all means, get jacked over the bombers if that’s more fulfilling.