Problems and Prospects for Russia’s Energy Exports under Sanctions

Abstract

The paper examines the main trends in Russian energy exports over 2013-2023. The analysis of the country’s position in global energy markets has shown that Russia plays a leading role in ensuring global energy security as one of the largest suppliers of crude oil, natural gas and coal in the world. Western sanctions against Russia’s energy sector have affected not only on the dynamics and structure of its foreign trade in energy resources, but also caused serious changes in the world fuel and raw materials markets. It is revealed that the country’s gas exports experienced the greatest negative impact due to the loss of a significant share of the European market, while supplies of crude oil and coal were redirected to other countries. The main stages and directions of adaptation of the Russian energy sector to sanctions are explored, and suggestions on how to improve its sustainability in the new geo-economic conditions are presented.