Subject. This article discusses the development of foreign economic relations under sanctions and adaptation of the oil and gas industry to new political challenges. Objectives. The article aims to assess the prospects for Russia's cooperation with countries exporting natural resources and the contribution of the oil and gas industry to State revenue formation. Methods. For the study, I used the general scientific research methods. Results. The article finds that Russia's cooperation with the Organization of the Petroleum Exporting Countries enhances the financial stability of the oil and gas sector, while entering new sales markets mitigates the negative effects of Western countries' sanctions policy. Conclusions. The search for new deposits should become an important aspect of the transformation of the oil and gas industry. Issues of exploration, extraction, and transportation have strategic significance, especially in times of instability in the Middle East and North Africa.
Keywords: oil and gas industry, export and import of raw materials, government budget revenues, sanctions, Organization of Petroleum Exporting Countries
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