DEVELOPMENT OF THE RUSSIAN OIL INDUSTRY UNDER WESTERN SANCTIONS: LESSONS FROM THE IRANIAN EXPERIENCE
https://doi.org/10.18384/2310-6646-2022-3-40-51
Abstract
Aim. The major purpose of this work is to explore the development of the Russian oil industry under Western sanctions.
Methodology. Methods of comparative analysis, comparison, generalization and interpretation of research results were used.
Results. The results of studying the experience of Iran showed that Russia can use local financing of oil projects, the localization of small and medium-sized companies in the field of exploration and production, the issuance of foreign bonds and the creation of an oil industry development fund to neutralize the impact of Western sanctions imposed on the development of the Russian oil industry.
Research implications. In order to develop the oil industry in the face of Western sanctions, Russia should try to motivate SMEs and private foreign investors to participate in exploration and production activities. In addition, the identification of new directions for oil exports (especially to the ASEAN countries) can secure Russia’s share in the world oil market.
About the Author
E. Rasoulinezhad
University of Tehran
Islamic Republic of Iran
Islamic Republic of Iran
Ehsan Rasoulinezhad – Сand . Sci . (Economics), Assoc . Prof ., Department of Studies of Russia, the Caucasus and Central Asia, Faculty of World Studies
16, Shanzdah-e-Aza st (Engelab Avenue), Tehran, 1417614418
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