The Effect Of Oil Crisis On Russian Economy

Rapid development of oil and gas industry is the most important reason for the rapid economic growth of Russia in the past ten years. With the rapid rise in oil prices, Russia’s oil production and oil exports have shown a trend of substantial growth. The collapse of oil directly led to the decline of Russia’s economy, and the reasons for the impact of oil prices are the demand of crude oil, the supply of crude oil, the geopolitical crisis of oil producing countries, and the use of new energy sources. Russia is a major oil producing country, but in the international crude oil market, the impact on the price of crude oil is very limited, in most cases can only do the price passive recipient. Through the analysis of the impact of international oil prices on the Russian oil industry, oil companies and oil production and exports, the article summarizes the impact of oil price fluctuations on the Russian economy. The rise of international oil prices prompted the "oil economy" in the Russian economy increased. From a macro point of view, high oil prices is the most important factor in the rapid growth of GDP in recent years, the rapid development of the oil industry, however, the government can not do without a lot of investment and policy support. Over the years, the Russian oil industry occupied the large number of national resources, serious impact on the agriculture, light industry, manufacturing industry and high-tech industry development, leading to the competitiveness of these industries showed a downward trend year by year. This also explains why the Russian economy in the case of external shocks, why the performance of such vulnerability.This paper also proves the empirical analysis through empirical analysis. The rapid rise in the price of crude oil promotes the prosperity of Russian economy, and the collapse of the oil price also directly leads to the decline of the Russian economy. The Russian economy to completely get rid of the shackles of the oil economy, it is necessary to vigorously develop the high technology industry, comprehensive upgrading of the industrial structure, completely change the structure of economy in the past, by the country’s energy to economic power forward.