Business risks of Russian mineral companies realizing Arctic projects in the conditions of sanctions

• Published in: IOP Conference Series: Earth and Environmental Science
• Main Authors: Petrov, I V, Krutov, R A
• Format: Article in Journal/Newspaper
• Language: unknown
• Published: IOP Publishing 2019
• Subjects: Arctic
• Online Access: http://dx.doi.org/10.1088/1755-1315/377/1/012062; https://iopscience.iop.org/article/10.1088/1755-1315/377/1/012062/pdf; https://iopscience.iop.org/article/10.1088/1755-1315/377/1/012062

Abstract The fuel and energy complex is the fundamental and systemically important basis of the economy of the Russian Federation. Stable development of the fuel and energy complex is possible due to the sustainable development of the country’s mineral and raw materials base, including the Arctic territories. Today, in connection with the events connected with the conflicts in the east of Ukraine and Crimea’s incorporation into Russia, restrictive economic and political measures or sanctions have been imposed against our state. One of the industrial sectors that felt their influence was the extraction of minerals and especially hydrocarbons. Effective management, which also includes risk management, will allow mineral raw materials and fuel and energy companies, if not to eliminate, but minimize the impact of sanctions on their activities. What is risk as a concept, features of business risks in the implementation of Arctic projects? What specific risks does the energy industry face in the course of its activities as a whole? What business risks are more likely to be affected by sanctions? What do fuel and energy companies first of all need to pay attention to? These questions are answered in the present paper.