Oil and petroleum products market in the Russian Federation: new challenges and development prospects

Abstract

Within the framework of global geopolitical tensions and sanctions pressure from Western countries, the restructuring of the Russian oil market is taking place, affecting the economies of the leading states of the world arena, including Russia.The subject of the study is changes in the Russian oil and petroleum products market. The purpose of the study is to examine the situation on the oil and petroleum products market by the end of 2022, to analyze the main measures of the Russian government in response to anti–Russian sanctions, promising directions for reorienting supplies from Russia, and also to forecast the prospects for the development of the markets in question for 20232026.The results of the study. The current geopolitical uncertainty and various restrictive measures against Russia pose a threat to the stability of the Russian economy. These risks can be minimized with the help of competent actions of the authorities and the implementation of measures to redirect exports, which will support the economy and maintain positions in the international commodity market.