Dutch Disease in Russia and Its Impact on the State (Dynamics) of Russian Oil Companies

The Dutch disease is a negative effect of the boom in a particular sector of the economy (most often associated with the extraction of valuable natural resources), leading to a strengthening of the real exchange rate and a decline in the development of the secondary sector. This paper analyzes the presence of signs of the Dutch disease in Russia, the country that is the second largest oil producer in the world in 2017, according to the OPEC report. For this purpose, a number of macroeconomic indicators were taken: GDP, oil export, import, exchange rate, inflation for the period from 2000 to 2017, and for greater accuracy, quarterly values were taken. Also, the activities and indicators of the largest oil companies were analyzed: «Lukoil», «Gazprom» and «Rosneft» there were used quarterly reports of these companies for analysis. As a result of the work, the validity was confirmed by some signs of the Dutch disease at the macroeconomic level, as well as changes in the company's extraction strategies for oil production and export.