Oil and Gas Revenues of the Russian Federation: Trends and Prospects

AbstractRussia is one of the leading countries that actively produce oil and supply it to other countries: Over last ten years Russian economy depends on oil and gas revenues as the oil prices grow. This has double meaning. On the one hand, the Russian economy demonstrated growth; the budget revenues, therefore, grew due to oil and gas industry, which may be beneficial for the state. But then the oil dependency resulted in other industries underdeveloped or even did not develop at all, which would be negative in terms of diversification of the national economy and mitigation of risks. Therefore, as the oil prices reduced late 2014, it negatively affected the Russian economy and may adversely affect the prospects of economic growth under uncertainty of oil prices