Current trends and prospects for energy development in Russia

Abstract

The research explores contemporary trends in the development of the Russian energy sector, taking into account conditions of uncertainty. This research identifies the most significant factors, external and internal challenges to the development of the fuel and energy complex that arose during the period of global political, economic, environmental and climatic changes. The author analyzes the key performance indicators of the Russian fuel and energy complex for the period 2022–2023. Considering the significant transformation of the fuel and energy complex, along with other industries in Russia, author examines the conditions that will shape the future development of the Russian energy sector. A list of general economic and industry-wide trends has been identified, which should practically strengthen and stabilize the functional, production and structural development of the fuel and energy complex industries in the period 2023–2024. Sustainable development of the Russian energy sector is one of the major factors of economic growth. The author is focusing on the achievements of digital maturity of the fuel and energy complex, the transformation of management and technological processes, technological sovereignty, and entry into new foreign markets. Successful implementation of modern trends will allow implementing response measures to external and internal challenges and threats, stabilize the development of the fuel and energy complex and economic growth, and defend the leading place of the Russian fuel and energy complex in the global economy. The chosen topic, the conducted analysis of the state, problems, challenges, threats, trends, factors and prospects for the development of the fuel and energy complex emphasize the extreme relevance of the study.