The October 1 parliamentary elections in Georgia, which ended with the defeat of a key U.S. ally, is an example of Vladimir Putin’s Russia reasserting itself and will only embolden Moscow in its quest to create a Eurasian Union to rival the West. There is plenty at stake, with three major oil pipelines running through Georgia, transporting oil from the Caspian Sea to the Black Sea, bypassing Russia. Oil companies such as BP (London/NYSE: BP), Chevron (NYSE: CVX), ConocoPhillips (NYSE: COP), Total SA (NYSE: TOT), Eni SpA (NYSE: ENI) and Statoil (NYSE: STO), all of whom have ownership stakes in the pipelines, have some reason for worry as Russia looks to once again exercise control over the Caucasus.

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