Vladimir Putin tends to be good to people who treat him (and of course his country) good and more importantly with respect. JJ and company have been treating them very right. Of course in the long run anything is possible, but in the near term it's smooth sailing for COP as it rides that big bear.
Sakhalin is a totally different story. I suggest you to study the history and conditions of that deal before making any conclusions. Don't trust what you read in the Western press off the hand.
In case of COP Putin himself blessed its involvement with Lukoil. It's a great story for COP. In part, that's why I bought 1000 shares of COP because I knew I'd be buying into a great Russian company, too.
BTW, the Russian economy and stockmarket are booming big time. Look at MTL, MBT, VIP, WBD, ROS, CTCM, TRF, etc.