Pipe rolling plants as a target of economic security in Russia during the COVID-19 pandemic

Abstract

Subject. The article is an attempt to evaluate how the COVID-19 pandemic influences the economic development in Russia, illustrating the case of the tube rolling industry. Objectives. I examine and evaluate how adverse crisis implications of the COVID-19 pandemic could possibly be eliminated in the tube rolling industry, ensuring the economic security of Russia. Methods. The study involves methods of empirical and theoretical research, such as systems and empirical analysis, formal characterization, abstraction, observation, generalization, assessment, and partial methods of economic and statistical analysis. Results. I generally describe the economic situation during the COVID-19 pandemic, evaluate the impact of ties between the oil and tube rolling industries on the economic sovereignty and security of Russia, role of the tube rolling industry in the economic security of the State. I analyzed the impact of the COVID-19 pandemic on the goods circulation in the tube rolling industry and found probable implications of economic destruction for Russia due to the COVID-19 pandemic, and proposed possible solutions for the tube rolling industry. Conclusions and Relevance. The economic security of the tube rolling industry during the current pandemic is exposed to the destruction of foreign trade between countries exporting tube rolling products, price drop and a reduction in the consumption of energy resources worldwide, capital flight, a decrease in labor resources, slowing business activity and restricted transportation tube rolling products, growing uncertainty on the consumption of tube rolling products. The menacing threats can be eliminated given the State intervenes and regulates the Russian tube rolling industry so as to create favorable conditions for the beneficial economic operations.