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Russian Challenges

Between Freedom and Energy

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Edited By Galina Michaleva and Andrey Ryabov

This book analyses the influence that oil and gas have on various sides of Russia’s contemporary internal and foreign policy. On the one hand, the factor oil and gas enabled the ruling elite to strengthen the state institutions and to stabilize Russia’s political and social system after decades of instability. Relying on the new economic opportunities contributed to the growth of revenues of the mass sections of population, and owing to the increased export of natural fuel resources Russia significantly strengthened its influence on international politics. But on the other hand, authoritarian tendencies increased in politics. The contributions of this book inquire into the gradually declining role of independent actors in relation to the government, and the increasing authority of the elites in power who continue to represent their corporate interests as being national ones.

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Vladimir Milov - The Role of Oil & Gas in the Russian Economy - 33

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Vladimir Milov The Role of Oil & Gas in the Russian Economy This paper briefly examines the key factors of influence of the Rus- sian oil & gas sectors on the country’s economy as well as the current status of the oil & gas industries in Russia in order to give a general idea on how dependent the country’s economy is on oil & gas, and how sustainable this dependence is, given the known prospects of development of the oil & gas industries in the future. A General Overview of Russia’s Dependence on Oil & Gas The role of oil & gas in the Russian economy is, on one hand, often overestimated in public. On the other hand, this role remains vital in certain aspects. This importance is primarily related to a high dependence of economic growth on the growth in oil & gas export volumes and/or prices, as well as the high extent of dependence of the federal budget on oil & gas revenues. In general, it should be said that oil & gas play only a limited role in the structure of the Russian economy (as far as the share in GDP is concerned) – but, at the same time, they are one of the few competitive sectors driving the country’s economic development, and they remain the strong- est foundations behind Russia’s fiscal balance and macroeconomic stability as well. In the overall structure of Russian GDP, the role of oil & gas indus- tries is not large – according to official estimates, oil & gas industries contribute about 9...

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