Priority measures to overcome the consequences of the introduction of new sanctions against the oil and gas sector of the Russian Federation

Abstract

Subject. The article considers new sanctions against the oil and gas sector of Russia and the policy of leading foreign oil and gas companies. Objectives. The focus is on the assessment of export prospects of the fuel and energy complex. Methods. The study employs methods of comparative analysis and generalization. Results. The paper reveals that new sanctions against the oil and gas industry of Russia are aimed at limiting the export of domestic fuel and energy products, access to oil refining technologies, and investment inflows. The import of hydrocarbons from Russia is not critical for the United States, Great Britain, Canada, and Australia, while the European Union is seriously dependent on the supply of Russian energy resources, and, therefore, there is a time reserve for transformation of the entire domestic energy sector. Conclusions. New sanctions against the energy sector are a powerful external impetus for the domestic petrochemical industry development.