IMPORT SUBSTITUTION PROCESS MANAGEMENT IN OIL AND GAS INDUSTRY OF RUSSIA IN THE CONTEXT OF IMPOSED SANCTIONS

Abstract

The article deals with import substitution policy implementation in oil and gas industry of Russia in the context of sanctions rollout in 2014. The reasons of origin of infrastructure dependence of national oil and gas sector from the import were analyzed. Main foreign suppliers of equipment and technologies and national producers involved in import substitution process were disclosed. There is a buoying factor that a wide range of import substitution stimulating measures were taken both by major oil and gas companies and national government. Meanwhile main problems standing on the way of import substitution process implementation are identified and solution approaches are offered.