The Impact of the Mutual Trade and Economic Restrictions of the Russian Federation and the EU on the Russian Energy Sector

This study is devoted to one of the main directions of industrial development, which was and is a key subject of dispute and discussion – the energy sector. This paper will analyze several key factors that determine the impact of sanctions on the Russian energy sector. The data are based on the annual reports of the energy companies under research: the factors are the indicators of export and production of energy resources, the volume of investment. The methodology of the study is to analyze the main indicators of production and export, as well as the division of countries into clusters, on the basis of which there is the formation of clusters in terms of export growth, where it is already possible to talk about the hypothetical impact of sanctions on Russian energy companies. The objectives of this study are to establish and assess the impact of sanctions imposed against Russia and the potential ways of development of the EU and Russia energy Dialogue. The aim of this work is to confirm the hypothesis that changes in the structure of the Russian energy market are mainly associated with a set of several components, where sanctions are not paramount. Assessing the data and results of the study, it is possible to identify a weak relationship between sanctions and changes in the production and/or export of a resource in Russia and to conclude about the indirect impact of sanctions on the development of energy in Russia. The recommendations are to continue monitoring the changes in the geopolitical relations between the EU and Russia and to analyze the scenarios for the development of relations between the regions. Keywords: Russia, European Union, impact of sanctions, energy Dialogue, export of energy resources, regional relations