Transformational Processes of Regional Economy in the Context of Sanction Restrictions and Energy Transition

Being one of the largest stakeholders in the energy market, Russia exerts significant influence on development trends observed in this market. Thus, sanction measures become a trigger for price shocks for exporters and importers of hydrocarbon raw materials. The tightening of sanctions against Russia’s oil and gas complex increases risks for all participants in the global energy market. The imposition of an oil embargo on hydrocarbons and petroleum products from Russia by some countries has reduced transaction volumes, necessitating the search for solutions to stabilize the Russian oil and gas complex. Regions leading the national energy market keenly feel the impact of sanction pressure. Restrictive measures have led to the destabilization of prices for hydrocarbons and petroleum products despite the introduction of a price threshold, proving the inconsistency of the decisions made. Sanction pressure on Russia’s oil and gas market has resulted in structural shifts in supplies, directly influencing the further development of all countries participating in the transformational process. The industry’s transformation requires comprehensive solutions to adapt the banking sector, insurance mechanisms, logistics, and transportation to new conditions of trade organization. Arising from a multitude of macroeconomic and geopolitical factors, the energy crisis leads to changes in global state strategies. The disruption of the global fuel and energy balance, the innovative nature of industry transformation, the focus on decarbonization, and the growing competition from alternative energy sources demand qualitatively new regulators and organizational-economic mechanisms. The events of 2019–2023 have exposed a range of systemic problems, resulting in the realization of the need to develop solutions to ensure the regions’ economic security. The research aims to examine the transformational processes in regions driven by the impact of sanction restrictions and energy transition.