Prospects for innovative development of the Russian oil and gas complex in the context of modern challenges

The purpose of the article is to study the opportunities of innovative development of the Russian oil and gas complex amid current challenges. The subject of the article is modern features of functioning of the Russian oil and gas sector. As a methodology, it is necessary to high-light the analysis of Internet resources and articles relevant to the research topic, statistical data, their synthesis and generalisation. Among the main results of the work we will indicate structuring sanctions in terms of the direction of impact on innovation activities, identifying opportunities and prospects for innovative development of companies in the oil and gas sector in the current conditions. The results obtained can be applied as part of assessing the prospects with consideration to the modern situation and in the educational process. The directions for further research on a given topic include studying the operating features of companies of various sizes during their activities as well as identifying the most effective technological designs that can be used in the industry, including domestic ones. We have made the following main conclusions. Firstly, the impact of the sanctions is aimed largely at the technological development of oil and gas companies. Secondly, the prohibitive measures have stimulated the use and implementation of domestic innovations. Thirdly, the application of new decisions makes it possible to optimise the processes of the technological development, including those that until recently were determined to be unprofitable. Fourthly, innovations help to increase the number of organisations in the oil and gas sector by involving small-sized companies whose activities cover a minor segment that is not attractive to large corporations.