Adaptation of the Russian oil and gas industry to sanctions restrictions

Subject. The article discusses the oil and gas industry of the Russian economy from the perspective of the impact of sanctions imposed on Russia since 2014, and the adaptation of companies in the industry to changing conditions in international markets. Objectives. The aim is to explore the impact of anti-Russian sanctions on the activities of the oil and gas sector and to create a mathematical model for planning the level of production of raw materials, depending on the situation on the domestic and international markets. Methods. The study employed correlation and regression analysis, based on which we selected factors influencing the volume of oil production by Rosneft. Results. The paper presents a detailed analysis of the impact of Western sanctions on the Russian oil and gas industry, considers the ways for Russian oil and gas companies to adapt to changing conditions in international markets. We developed an econometric model enabling to predict planned oil production volumes for future periods, depending on market conditions, as an effective mechanism for adapting the company's activities to external factors. Conclusions. The oil sale volume on the domestic market is an insignificant variable and may not be considered in planning the volume of oil production. The company's adaptation mechanism to sanctions restrictions consists in sound planning of oil production depending on the changing situation on world markets.