Development Trends of the Fuel and Energy Complex of Russia

Russia’s fuel and energy sector is a critical factor in sustainable development, industrial growth, budget balance, and the country’s foreign economic activity, forming the foundation of its national energy potential. Ensuring energy independence, stable operation of industry infrastructure, technological sovereignty, and export orientation requires a systemic approach that includes effective government regulation, the participation of leading corporate players, and adaptation to foreign economic challenges. This article presents an overview of development trends in Russia’s fuel and energy sector amid energy transitions driven by shifts in technological paradigms. It examines the structural features of the fuel and energy sector, which are not solely the result of strategic planning but are largely shaped by external economic and geopolitical factors. The authors demonstrate that the structure of the fuel and energy sector does not fully correspond to the economic activities of the industry’s largest corporations, which are diversified, vertically integrated organizations. Particular attention is paid to the distribution of primary hydrocarbon production volumes in favor of oil and gas, which is driven by specific global technological trends. The current state of the Russian economy’s dependence on the federal budget through hydrocarbon energy exports is highlighted. Analytical calculations based on official financial statements reveal signs of a financial crisis at the largest fuel and energy sector corporations, which have intensified by 2024 under the impact of a high key interest rate. Furthermore, a number of fuel and energy companies have begun to convert assets into long-term financial investments, thereby acquiring the characteristics of investment rather than production organizations. The authors examine the process of institutionalizing the digital transition of the fuel and energy sector through the systematic implementation of state energy policy, emphasizing the need to achieve a sustainable balance between energy production and consumption, the rational use of natural resources, and adaptation to infrastructural and technological constraints.

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