YUZHNO-SAKHALINSK, July 31. /TASS/. Import dependence in Russia’s fuel and energy sector has declined by more than 20% since sanctions were first imposed in 2014, Director for Key Partner Relations at the Oil and Gas Technology Initiatives Institute and Doctor of Economics Alexey Fadeyev said.

"If we look at the period since 2014, import dependence in the fuel and energy sector has fallen by more than 20%. Oilfield services, which underpin all of this activity, had long relied on the so-called Big Four Western companies: Weatherford, Schlumberger, Baker Hughes, and Halliburton. Following their departure, high-tech market niches have opened up for Russian companies," the economist said.

According to the expert, Russian oil and gas companies are developing their own technologies, while government support also plays an important role.

"The role of the state is crucial here. It should be noted that, from the very beginning of the introduction of sectoral restrictions, the government became actively involved in this effort. Today, more than 31,000 sanctions have been imposed on Russia. This is an absolute world record. At the same time, Russia has not only withstood this pressure but continues to develop, consistently implementing projects both in the Far East and in the Arctic," Alexey Fadeyev said.