It has been reported today that ex-BP CEO Tony Hayward, at the helm of new investment vehicle Vallares, is eyeing up stakes in Sistema-owned oil producers Russneft and Bashneft, in what one reporter has called ‘a blockbuster bid’. Russia’s Arctic seems to retain the incontrovertible appeal of an El Dorado for BP’s 21st century oil men, having previously attracted the attention of current CEO Bob Dudley, despite the numerous labyrinthine legal challenges that entering the region, or Russia full stop, poses.  John Helmer from Dances With Bears argues why Tony Hayward has little reason to imagine he will restore his tarnished reputation with these particular Russian prospects: