Subject. The article addresses the impact of the global gas crisis on the Russian stock market destabilization. Objectives. The study aims at the fixation of financial instability on sectors of the Russian economy during the period of negative impact of the global gas crisis. Methods. We employed general scientific research methods. Results. We considered the transmission of contagion to the Russian economic sectors (metallurgy, energy, telecommunications, chemistry and petrochemistry, finance, transport and consumer), where the oil and gas sector acted as a transmitter, and recorded the process of transferring instability to the domestic sectors of the economy. We used special econometric tests and analyzed simulated values of dynamic conditional correlations. The obtained results were evaluated for statistical significance by comparing the obtained test statistics with critical values. The test results do not refute the hypothesis of financial contagion in all sectors of the Russian economy without exception. At the same time, not all tests recorded the contagion, which is due to the varying intensity of its spread through the exchange trading channel. Conclusions. The exposure of Russian industries to financial contagion is due to the high share of the energy sector in the structure of the Russian economy.
To weaken the interconnectedness between the oil and gas and other sectors, it is important to reduce the dependence of the Russian economy on energy imports, diversify imports, and switch to long-term contracts with reliable partners.
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