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Technological Factor in the Development of Russia’s Oil and Gas Complex

Author

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  • Vladimir Ivanovich VOLOSHIN

    (Institute of Economics Russian Academy of Science, Moscow, Russia)

Abstract

Under the sanctions, the modern technological base is becoming an important factor in the development of the Russian oil and gas complex. Integrating into the system of the international division of labor after the collapse of the USSR in the 90s of the last century and at the beginning of the XX1 century some sectors of the Russian economy became excessively dependent on imports of machinery and technology. This also applies to the oil and gas complex. Sanctions have drastically reduced the possibility of importing high-tech equipment and technologies to Russia from industrialized countries. However, without a modern technological base, it is impossible to profitably develop hard-to-recover reserves, productively develop the sector of liquefied natural gas and oil refining. This requires technological modernization of the oil and gas complex with reducing dependence on imports of high-tech Western products. Import substitution is one of the ways to solve this problem.

Suggested Citation

  • Vladimir Ivanovich VOLOSHIN, 2023. "Technological Factor in the Development of Russia’s Oil and Gas Complex," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 7, pages 7-23, July.
    • Handle: RePEc:alq:rufejo:rfej_2023_0_7-23
    DOI: 10.24412/2072-8042-2023-7-7-23
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