RUSSIA’S PETROLEUM INDUSTRY IN THE PERIOD OF SANCTIONS AND COVID-19 PANDEMIC: A REVIEW AND ANALYSIS

Russia's four largest petroleum companies, Rosneft, Surgutneftegaz, Gazprom Neft, and Lukoil, account for more than 50% of production 70% the demand in drilling market. All these companies are profoundly relaying on Foreign Direct Investments (FDI) import equipment technologies. FDI have been mostly received from European Union (EU) countries United States (U.S.) also major providers technologies including offshore development, horizontal, controlled-angle, directional drilling, hydraulic fracturing, catalysts oil processing petrochemicals, geological seismic exploration. However, since applying economic sanctions against Russia by EU U.S. 2014 due to Crimea annexation Ukrainian crisis, situation with access has dramatically changed. Keeping analytical separation between non-economic using concept political economy energy, this paper focuses energy sanctions, brevity refer them as emphasizes technology export ban, foreign capital state support industry addition, because crucial role that plays Russian economy, discusses impact both COVID-19 pandemic national economy.Keywords: Petroleum industry, Covid-19, Russia, Energy SanctionsJEL Classifications: P4, P48; Q4, Q43; K3, K32DOI: https://doi.org/10.32479/ijeep.11385