According to TASS, Russia's oil industry will continue to face major sanctions thanks to its leading position in technology, Deputy Prime Minister Alexander Novak said.
We believe that our oil industry, as a leader in this field, is and will continue to successfully respond to the challenges we face, including many sanctions. Thanks to our technological leadership, our companies will be able to address these challenges, said the Russian Deputy Prime Minister.
Deputy Prime Minister Alexander Novak stressed that the oil industry accounts for more than 10% of Russia's GDP and about 20% of the federal budget.
According to him, the main goal of the Russian government is to ensure the amount of essential oil products for the domestic market. In addition, maintaining Russia's presence in the global market and maintaining its leading position are still top priorities.
Mr. Novak also emphasized the need to attract investment to develop infrastructure in Russia's oil-producing regions, as well as develop new technologies, allowing the country to export domestic technology solutions to international markets.
