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National Interests: Priorities and Security
 

The impact of sanctions on the economic activities of Russian energy companies

ISSUE 12, DECEMBER 2025

Received: 3 July 2025

Accepted: 11 August 2025

Available online: 16 December 2025

Subject Heading: ENERGY SECURITY

JEL Classification: F02, F15

Pages: 187-200

https://doi.org/10.24891/fupksd

Nikolai N. SHVETS Corresponding author, International Institute of Energy Policy and Diplomacy (MGIMO-University), Moscow, Russian Federation
nns56@mail.ru

https://orcid.org/0000-0002-3914-922X

Sara A. ALIEVA International Institute of Energy Policy and Diplomacy (MGIMO-University), Moscow, Russian Federation
saraalieva11@gmail.com

https://orcid.org/0009-0003-8258-538X

Subject. This article discusses the impact of sanctions on the economic activities of Russian energy companies.
Objectives. The article aims to analyze the sanctions impact on Russia's leading energy companies and determine its relationship with the overall state of the country's energy sector.
Methods. For the study, we used the systemic, comprehensive, horizontal and vertical analyses, and indicative financial ratios assessment.
Results. The article identifies the effectiveness of sanctions and establishes its correlation with the overall condition of the country's energy sector.
Conclusions. The impact of sanctions on the Russian energy companies has not led to a significant decline in their key financial indicators. The results of the study can be useful in studying the country's economy and for the formation of the patterns of sanctions impact on individual companies and regions.

Keywords: fuel and energy complex, sanctions, renewable energy sources

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