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Import Substitution in Russian Energy Sector Possible in 3 years: Ministry of Energy

© RIA Novosti . Grigoriy Sisoev / Go to the photo bankMoscow Gazprom Oil refinery facility
Moscow Gazprom Oil refinery facility - Sputnik International
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Russian companies are able to organize the production of the main technologies and equipment for the energy sector in the next three or four years, Deputy Minister of Energy Kirill Molodtsov said on Tuesday.

YUZHNO-SAKHALINSK , September 23 (RIA Novosti) - Russian companies are able to organize the production of the main technologies and equipment for the energy sector in the next three or four years, Deputy Minister of Energy Kirill Molodtsov said on Tuesday.

"Most technologies have their analogues and in the frameworks of the import substitution program Russian companies are able in the next 3-4 years to meet the challenge we are facing," said Molodtsov at the Sakhalin Oil and Gas conference in Yuzhno-Sakhalinsk.

According to Molodtsov, Russian companies have the capacity to substitute "in a short period of time a large amount of technology equipment which has got into the [western] sanctions list."

Washington and Brussels have introduced several rounds of economic sanctions against Moscow over its alleged role in the Ukrainian conflict. The latest round of restrictions, which came into effect on September 12, targeted the Russian banking, energy and defense sectors. Russian officials have repeatedly referred to the western sanctions as counterproductive.

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