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The Russian state requires companies to invest in welfare provision and to conclude socio-economic cooperation agreements (SECAs) with regional administrations. Based on empirical evidence from Khanty–Mansi Autonomous Okrug, this article analyses state-business interactions at the subnational level. We show that state and business actors have formalised their resource exchange in the SECAs. Because of the agreements' adaptive nature, both parties are able to manage their respective obligations and risks within an authoritarian and highly volatile environment. We identify four patterns of contractual relations, depending on the companies' production capacities and their commitment to providing social investments in the region.