Key development priorities for Russia’s oil and gas industry under sanctions

The author of this article conducted a study of the current state of Russian oil and gas companies during the period of sanctions restrictions, their foreign trade activities, budget revenue indicators received from this sector for 2021-2024, as well as the “reverse” effect of sanctions on the economic situation in the United States and several EU countries. The article examined the main trends in the development of the sanctions regime in recent years and the corresponding countermeasures taken by the state and management of these companies, including reorientation to other markets, restructuring of supply chain logistics, the process of import substitution of equipment, the introduction of new technologies and digitalization at oil and gas companies, and improvements to the tax system and financial management instruments for this economic sector. To study these phenomena, data from internal and external statistical sources, news websites, and materials from the Russian Ministry of Finance were used. The main conclusion that can be drawn from the conducted research is that the US administration aims to establish dominance in the global energy market, including through sanctions. However, many countries are establishing their ties with the Russian oil and gas complex, which allows this complex to successfully maintain its place in the Russian and global economies and strengthen its business position.