Sustainable Development of Russia’s Fuel and Energy Complex under Western Sanctions

Abstract

The article considers the changes in the guidelines for the development of energy in the world, which changes the energy supply-demand balance. It is emphasized that the drivers of new energy development in the coming years will be not only concern for the environment, but also the desire of the countries for energy security and reducing dependence on one resource, one supplier or one trade route. Since 2014, aft er the entry of the Republic of Crimea into the Russian Federation, the country’s economy has faced unprecedented sanctions pressure on various sectors of the national economy, with the main sanctions pressure directed at the Russian fuel and energy complex. In 2022, sanctions restrictions on the part of the collective West were expanded due to Russia’s special military operation in Ukraine. The main measures of rapid response to the current sanctions restrictions are also analyzed: switching to payments for gas in the national currency, rubles; reorientation of oil sales channels to the Asia-Pacifi c countries; ban on oil supplies to countries that have supported the price ceiling; the search for alternative Western equipment suppliers in China and Asian countries. Th e article discusses the main directions for ensuring further sustainable development of the fuel and energy complex of Russian under the sanctions of the collective West.