Page’s interest in Russia dates to his youth in New York’s Hudson Valley. Watching a TV news program on arms control talks, he says he noticed that the adviser sitting behind President Ronald Reagan wore a Navy uniform. A few years later, Page enrolled in the U.S. Naval Academy. He later worked in arms control at the Pentagon and completed a fellowship at the Council on Foreign Relations in New York. Over his career, he's earned three graduate degrees, including a Ph.D from SOAS University of London.

In 2000, Page took up investment banking, getting a job at Merrill Lynch’s capital-markets group in London. After impressing a colleague with his relationship with Victor Pinchuk, a Ukrainian billionaire, he says he was dispatched to help open the firm’s Moscow office in 2004.

In Russia, Page developed relationships with executives at Gazprom, the former Soviet gas ministry that was partially privatized in the 1990s. By the time Page arrived, Putin was consolidating his grip on the country's economy, and in 2005 the government boosted its stake so that it again owned a majority of the stock.

Page says he advised Gazprom on its largest deals during this period, such as buying of a stake in the Sakhalin oil and gas field in the Sea of Okhotsk. He also helped the company court Western investors, assisting in setting up the first regular meetings with shareholders in New York and London. Before he moved back to New York in 2007, he says, many of its top officials showed up at his going-away party, at a restaurant near the Kremlin.

Page gets mixed reviews from former bosses. Bernie Sucher, Merrill’s country head in that era, said Page “has a nuanced and subtle appreciation of the interplay of politics and energy.” But Sergey Aleksashenko, another top Merrill executive in Russia at the time and now an outspoken Kremlin critic, described him as a junior banker with little understanding of the country. “I could not imagine Carter as an adviser on foreign policy,” Aleksashenko said. “It's really surprising.”