Development of Russia’s oil and gas exploration and production market under sanctions

Abstract

In the article the authors consider the trends and development problems of Russia’s oil and gas exploration and production market, emphasizing the high market share that is owned by foreign companies, and highlight the rapid growth in deliveries from China in recent years. It is stated that Russia’s oil and gas market has capacity to expand the development and sales of domestic products. The authors pay special attention to the development and implementation of the import substitution policy in this market and underline the economic and organizational measures for improving the position of Russia’s companies in the domestic market.