Financial University under the Governmental of the Russian Federation, Moscow, Russia

Popadyuk N. К., Professor, Doctor of Economic Sciences, NKPopadyuk@fa.ru
Bratarchuk T. V., Associate Professor, Doctor of Economic Sciences
Babayan L. К., Assistant
Laffakh А. М., Assistant

The article discusses sustainable development of the Russian fuel and energy sector with regard to the green transition in the European energy policy. This interdisciplinary research integrates procedures used in the analysis of production, cost effectiveness and statistics. The analytical research shows that the Russian fuel and energy sector generally and, particularly, its key oil and gas sector demonstrates an extensive trend of development, which is hard to assume to be stable. The European green transition and retargeting of sales of hydrocarbons and energy products from the European market to the markets in Asia and Middle East have adversely affected development of the fuel and energy sector in Russia. For another thing, the extensive trend is affected by the ecologization of the demand for energy products on the domestic and foreign markets. Three identified hazards (the green transition, retargeting of sales markets, sales ecologization) are addressed from the viewpoint of the consequences and growth prospects for the Russian fuel and energy sector. The main solutions toward sustainable development in the fuel and energy sector of Russia are the integration of natural gas and natural hydrogen recovery and production of energy products at high added value for the gas industry, and the rejection of oil recovery and replacement of oil by renewable resources, for instance, biomass.

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