Transformation of the Domestic and Export Markets of Russian Petroleum Products under the Influence of Sanctions in 2022

Petroleum products play an important role in the production of various goods that are used all over the world and have become essential for us in our daily lives. Russia is one of the major players in the petroleum products market and has been steadily producing and supplying petroleum products around the world for many years. The sanctions imposed against Russia in 2022 have changed the existing situation both within Russia itself and in its foreign markets. The main objective of this paper is to analyze the changes in the domestic and export market of Russian petroleum products after the imposition of sanctions in 2022. To realize this goal, the following tasks were set: to determine the factors affecting the market of petroleum products, to study the functioning of the Russian export market of petroleum products before the sanctions in 2022, to identify the main changes that occurred after the imposition of sanctions, as well as to determine the impact of sanctions on the market of Russian petroleum products and analyze the new directions of development of the Russian market. We also modeled the value of Russian petroleum product exports under sanctioned and non-sanctioned conditions, which was built from observations of the value of Russian petroleum product exports from 2016 to 2023. The analysis showed that sanctions pressure contributed to the reduction of Russian exports, problems with access to technology and logistics, but in the medium term stimulated the development of the domestic market and the transformation of export flows. The results obtained in the course of this work can be used to develop strategies to minimize the damage from sanctions and reorient markets both at the state level and at the level of commercial organizations.