The Impact of Sanctions and Import Substitution Policy on the Activities of the Russian Oil and Gas Companies

The impact of sanctions extends to many areas of activity in the country's economy. This gave impetus to the discussion of the future economic well-being of the country and the development of ideas related to import substitution. First of all, for the most import-dependent industries, which includes the oil and gas sector. The economic crisis in Russia, caused by the weakening of the national currency, changes in oil prices, inflation, says that Russia is experiencing serious shocks. The oil and gas sector of Russia is not only the largest source of income for the state, but also the largest sector in the consumption of various technologies. The development of the oil and gas industry affects the development of other sectors of the Russian economy, as the products are raw materials for the functioning of other companies and the creation of the final product. Since the budget of the Russian Federation is too dependent on oil and gas revenues, the relevance of this work lies in the need to find solutions that will reduce the negative consequences of sanctions against Russian oil and gas companies. Including the sanctions regime for Russia is one of the most discussed topics in the world community. The object of the study is the use of the mechanism of sanctions against Russian oil and gas companies and the policy of import substitution as a counteracting factor to sanctions. The subject is the activities of Russian oil and gas companies before and after the sanctions. The aim of the work is to analyze the impact of sanctions and import substitution policy on the activities of Russian companies in the oil and gas sector and on the basis of the data to make a forecast and make the necessary recommendations. The hypothesis is as follows: when sanctions are imposed against Russia, there is a negative impact on the activities of Russian oil and gas companies in the short and long term.