Fuel and energy complex as a driver of economic development of Russia: current condition and perspective

O. D. Zakharova () and N. A. Kharitonova ()

Russian Journal of Industrial Economics, 2020, vol. 13, issue 2

Abstract: The authors study the role and the place of the key enterprises of Russian fuel and energy complex in terms of their impact on the most important macroeconomic indicators of national economy development. The crisis of 2014 made significant changes in each company’s activity due to fluctuating ruble’s exchange rate, high inflation, ban on foreign investment, restrictions on international trade, etc. However, the largest companies of Russian fuel and energy complex were able to adjust to external conditions and reestablish their competitive position by the end of the second decade of the 21st century. The authors examined the period from 2014 to 2019 which is remarkable for a number of positive changes in the economic structure ofRussia. Yet, the fuel and energy complex still remains the driver of the economic development. Also, the article studies the role of fuel and energy complex in foreign economic activity in dynamics. The authors suggest the scheme of calculating the contribution of a certain legal entity into the country’s GDP. They made all the relevant calculations characterizing the degree of the mentioned companies’ participation in establishing the most important macroeconomical indicator of the national economy. The results obtained can be of great value in building a company’s strategy, planning taxes, creating investment policy as well as estimating the level of their social responsibility. The authors analyzed the structure of oil and gas income of Russia in 2018-2019 to view the nature of the process which has been going on in budgeting of Russia in recent years and point out the need for increasing the investment potential of fuel and energy complex and altering the degree of government’s participation in in creating the long-term investment strategy of developing national fuel and energy enterprises.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:ach:journl:y:2020:id:844

DOI: 10.17073/2072-1633-2020-2-257-268

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