Oil economy of Russia: current state and prospects for the future
- Student G.V. Plekhanov Saint Petersburg Mining Institute
Abstract
The huge importance of the oil industry for Russia is undeniable. But today the industry is not functioning at full capacity. After a dramatic decline in oil production in the first 5 years of perestroika (since the mid-1990s), it has decreased by 300mn tons per year. The reason for the decline in production is the lack of investment in production and exploration projects. The purpose of this article is to draw attention to the tax and legal aspects that could be used to make Russian oil projects more attractive for investment by foreign companies. But today it is still impossible to foresee whether a legal basis for an oil financial system can be created in Russia under the current conditions.