FROM THE RAW MATERIAL TO THE INNOVATIVE MODEL OF THE RUSSIAN ECONOMY: THE ROLE OF OIL AND GAS EXPORTS

Abstract

The article considers the possibility of switching from a raw material to an innovative model of the Russian economy in the context of reducing its dependence on oil and gas fuel exports. The relevance of the topic is increasing in the context of the transition of the world economy to low-carbon development and large-scale sanctions that Western countries have begun to impose against Russia. They significantly reduce the opportunities for the development of the Russian economy through the export of oil and gas. The reasons and factors preventing the transition to an innovative model of development of the Russian economy after the collapse of the USSR and up to the present are analyzed. The high dependence of the Russian economy on oil and gas is shown. The level of world oil prices has a significant impact on this dependence. The main factor constraining oil production in Russia is considered. These are resource constraints in the absence of effective domestic oil production technologies. To raise the level of these technologies in the face of sanctions, it is necessary to implement import substitution measures. Unlike oil, the main factor limiting gas production is demand in foreign markets, which has sharply decreased under the conditions of sanctions. In the process of the global community's transition to a low-carbon economy, ideas about the peaks of supply and demand for certain types of fuels are changing. In a low-carbon economy, it is not the peak of supply that determines energy development, but the peak of demand. The seller’s market is transformed into the buyer’s market. The idea is substantiated that Russia’s transition to an innovative business model will give it the opportunity to realize an important competitive advantage – relatively large reserves of fossil fuels, to take a worthy place in the world community.

Keywords: import substitution, world oil prices, oil and gas exports, scientific and technological potential, low-carbon economy, raw materials and innovative economic model, market transformations, sanctions

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About the Author

Vladimir I. Voloshin – Dr. Sci. (Economics), Professor; Head of the Department, Institute of Economics of the Russian Academy of Sciences, Moscow, Russia. E-mail: vivoloshin@mail.ru. SPINРИНЦ 4926-0281. ORCID 0000-0002-7664-596X. Scopus Author ID 24365191000

For citation: Voloshin V.I. From the Raw Material to the Innovative Model of the Russian Economy: the Role of Oil and Gas Exports // Beneficium. 2024. Vol. 1(50). Pp. 40-46. (In Russ.). DOI: 10.34680/BENEFICIUM.2024.1(50).40-46