Between Freedom and Energy
Edited By Galina Michaleva and Andrey Ryabov
Vladimir Milov - The Role of Oil & Gas in the Russian Economy - 33
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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