Modern Russian oil and gas policy and its features in the Russian-Chinese cooperation in the gas sector

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This article presents a research study in the field of formation and implementation of Russian oil and gas policy, which has a decisive role in the development and functioning of the country's energy sector, its energy security, as well as for increasing revenues. The current relations between actors in the European gas market, which is expected to remain an important sector in Russian economy in the medium term, are assessed in the contexts of the risks and threats experienced by gas exporters. The role and place of the Russian Federation in gas export to China as an important element of the Russian Eastern Gas Policy and Energy Security Doctrine is discussed. Following an analysis of information from official sources, research publications and reports presented in the mass media, a substantiation of the urgency of the problem and the directions of its solution is given. The conducted study revealed that the oil and gas sector in Russia remains the most important component of the country's fuel and energy complex. Stable export of oil and gas is key for the oil and gas industry, contributing to the country's energy security. It is noted that, in the medium term, Russia will preserve at least 30% of the European gas market. At the same time, the energy policy of the European Union, anti-Russian economic sanctions and the excess of gas supply over demand are forcing Russia to significantly reduce the cost of exported gas in order to maintain its segment in the European gas market. The forecasted risks and threats to the "western vector" of the Russian gas policy determine the necessity to diversify gas export markets. In this regard, it seems reasonable to implement of the "Eastern Gas Policy" as an element of the energy strategy in the eastern regions, aimed at the widespread use of natural gas for domestic needs and export supplies. The emerging strategic partnership with China is determined not only by the energy partnership, which is acquiring new initiatives, but is also characterised by a wider sphere of relations, including economic and political cooperation. At the same time, economic cooperation in the gas sector is aimed primarily at ensuring the possibility of diversifying gas supplies to Chinese regions having a developed demand. In the current financial and economic situation in the energy market in the western direction, Russia is often forced to accept China’s conditions. The research results demonstrate that the Russian oil and gas complex retains key positions in the country's energy sector and economy. Currently, the process of active spatial development of the fuel and energy complex in the East of the country is observed, while in the long run both the “western” and “eastern” vectors of Russia's gas policy remain. Strengthening trade, economic and political cooperation between Russia and China in the medium and long term will lead to a significant increase in energy cooperation on mutually beneficial conditions.