The oil and gas industry of the economy of the Russian Federation: resource dependence and the potential of sustainable development

Zabaikin Yury Vasilyevich, Nazarova Zinaida Mikhailovna, Roshchina Olga Evgenevna, Knyazeva Ekaterina Vasilyevna, Boyko Kirill Nikolaevich, Shidiev Zaur Maidovich

The article analyzes the specifics of the macroeconomic concepts of the “resource curse” and the “Dutch disease”, which are exclusively relevant for Russian reality with its export-raw material orientation. It was stated that the prospects for effective economic development of a resource-rich country should not be focused only on overcoming the “resource curse”. According to the authors of the article, the increase in the global competitiveness of the Russian economy should also be associated with the optimization and stimulation of the innovative development of the oil and gas industry to the benefit of maintaining the achieved positions in the global energy market while further harmonizing the national economic system. The main endogenous (first of all, structural and technological) and exogenous difficulties (in particular, geopolitical contradictions and sectoral sanctions), which restrain the restructuring of the oil and gas industry of Russia, were identified.

Keywords:raw materials, hydrocarbons, oil and gas industry, resource availability, resource curse, Dutch disease