The Role of Small and Medium-sized Innovative Enterprises in the Solution of the Import Substitution Task in Oil and Gas-sector Segment of the Russian Fuel and Energy Complex

Abstract

Russian FEC takes leading positions in the field of oil and gas extraction, it is one of five major complexes in coal mining and power generation. Russia's fuel and energy sector is the largest energy complex in the world. This sector employs more than 2 million people, which produce more than 50 percent of the total GDP of the country. At the same time, small and medium enterprises can play a much more significant role in the development of the Russian economy, especially after the end of the recession and economic restructuring. The government needs to improve approaches in regulation of the sphere of small and medium-sized enterprises to develop their full potential. The authors analyze the measures which should be taken by the Government in order to stimulate the growth of small and medium-sized businesses in Russian fuel and energy complex.Keywords: small innovative enterprises, medium innovative enterprises, international sanctions, import substitution, territorial clusters.JEL Classifications: L53, L95, O31.