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Regional Economics: Theory and Practice
 

The impact of sanctions on the environmentally-oriented development of the Russian Federation oil-and-gas complex enterprises

Vol. 14, Iss. 7, JULY 2016

PDF  Article PDF Version

Received: 10 December 2015

Received in revised form: 24 December 2015

Accepted: 11 January 2016

Available online: 18 July 2016

Subject Heading: SPATIAL ECONOMICS

JEL Classification: Q26, Q30, Q38

Pages: 153-162

Tyaglov S.G. Rostov State University of Economics, Rostov-on-Don, Russian Federation
tyaglov-sg@rambler.ru

Sheveleva A.V. Moscow State Institute of International Relations (University) of the Ministry of Foreign Affairs of the Russian Federation, Moscow, Russian Federation
a_sheveleva@rambler.ru

Subject The article considers the problems of the environmentally-oriented development of enterprises of the oil and gas sector, which appeared after the introduction of Western countries' economic and technological sanctions against the Russian Federation.
Objectives The paper aims to analyze the adverse effects of sanctions impeding full implementation of environmental protection policy by oil and gas companies; consider the possible finding of internal reserves for this implementation, based on the application of specific economic instruments, the development of which is within the competence of public authorities.
Methods Statistics environmental rating of the constituent entities of the Russian Federation, data on investment in fixed assets of oil and gas companies, and expert assessments concerning the feasibility of oil and gas companies' environmentally-oriented policy are the basis of the study.
Results The paper reviews the external economic and political factors affecting the ecologically-oriented development of oil and gas companies, in particular the influence of global institutions like the World Bank and the Global Environment Facility, on the environmental policies of Russian oil and gas companies.
Conclusions The analysis of the ecological condition of the Russian regions reveals the negative trends, showing that the consolidated environmental rating of the country compared with the previous year has decreased.

Keywords: oil and gas complex, ecological programs, ecological expenses, State regulation, enterprises

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