Mishustin instructed to prepare the economy for the global rejection of oil and gas

Russian Prime Minister Mikhail Mishustin on September 20 instructed to develop a plan for adapting the Russian economy to the global energy transition by the end of the year.

“The world economy is focused on a gradual transition to low-carbon energy, and this is already a new reality. We need to prepare for a phased reduction in the use of traditional fuels: oil, gas, coal,” Mishustin said at a meeting with the Deputy Prime Ministers.

A plan for a radical restructuring of the Russian economy, which receives every second dollar of export earnings from the sale of hydrocarbons, should be developed by December 20, 2021.

First Deputy Prime Minister Andrei Belousov, a former assistant to the president for economics, who is considered the “ideologist” of the Kremlin State Planning Committee and the author of national projects, has been entrusted to lead the process.

It is necessary “to assess all the risks and challenges facing the country,” Mishustin said.

According to the Central Bank of the Russian Federation, in the first half of 2021, oil, gas and oil products brought to Russia $ 99.7 billion – 49% of export revenues.

Last year it was $ 150 billion (40%), in 2019 – $ 238 billion (56%), in 2018 – $ 262 billion (59%).

Caspian Barrel