Energy Strategy and Economic Growth of Russia

This article considers the problems of economic growth
and Russian energy strategy. Also in this paper, the issues related to
the economic growth prospects of Russian were discussed. Russian
energy strategy without standing Russia`s stature in global energy
markets, at the current production and extraction rates, will not be able
to sustain its own production as well as fulfil its energy strategy.
Indeed, Russia’s energy sector suffers from a chronic lack of
investments which are necessary to modernize its energy supply
system. In recent years, especially since the international financial
crisis, Russia-EU energy cooperation has made substantive progress.
Recently the break-through progress has been made, resulting mainly
from long-term contributing factors between the countries and recent
international economic and political situation changes. Analytical
material presented in the article is intended for a more detailed or
substantive analysis related to foreign economic relations of the
countries and Russia as well.

Authors:

• Young Sik Kim
• Tae Kwon Ha

Keywords:

• Russia
• Energy strategy
• Economic growth
• Cooperation.

References:

[1] Russia’s energy data and analysis, http://www.eia.gov
/beta/international/analysis.cfm?iso=RUS, December 21, 2015.
[2] Independent Statistics and Analysis on energy website:
http://www.eia.gov.
[3] Trading economics analysis on Russia’s oil production,
http://www.tradingeconomics.com/russia/crude-oil-production, accessed
December 21, 2015.
[4] http://www.telegraph.co.uk/finance/economics/11759391/Oil-and-gas-cr
unch-pushes-Russia-closer-to-fiscal-crisis.html, December 14, 2015.
[5] Movchan A., Carnegie.ru Commentary, http://carnegieendowment.org
/2015/09/14/just-oil-company-true-extent-of-russia-s-dependency-on-oil
-and-gas/ihtg, September 14, 2015.