INSTITUTIONAL FOUNDATIONS OF CARBON REGULATION

Olga Sushko

doi:10.29039/2409-6024-2026-14-5-90-114

VAK Russia 5.2.3 UDC 338 CSCSTI 06.00 Russian Classification of Professions by Education 38.00.00 Russian Library and Bibliographic Classification 654 VAK Russia 5.2.1 VAK Russia 5.2.4 VAK Russia 5.2.5 VAK Russia 5.2.6 VAK Russia 5.2.7 CSCSTI 06.52 CSCSTI 06.75 CSCSTI 06.91 Russian Classification of Professions by Education 38.03.01 Russian Classification of Professions by Education 38.04.02

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INSTITUTIONAL FOUNDATIONS OF CARBON REGULATION

Published in Russian Journal of Management · Volume 14, Issue 5 · Pages 90–114 · Rubric: Industry management

DOI: https://doi.org/10.29039/2409-6024-2026-14-5-90-114

Received: 10.06.2026 Accepted: 12.06.2026 Published: 29.06.2026

Authors

Olga Sushko

Academic degree: candidate of economic sciences

Science rang: docent ; docent

Plekhanov Russian University of Economics professor · Moscow

Military Educational and Scientific Centre of the Air Force «Professor N.E. Zhukovsky and Y.A. Gagarin Air Force Academy» Russian Federation

REU im. G.V. Plehanova Russian Federation

ABSTRACT

The sanctions pressure on the Russian fuel and energy sector after 2022 led to a structural restructuring of exports, increased logistical costs and the loss of foreign assets. The purpose of the work is to quantify the impact of sanctions on the economic security of the energy sector based on a system of threshold indicators and to analyze adaptation measures using the example of PJSC LUKOIL. The standard-weight method of calculating the integral energy security index and the analysis of the dynamics of five key indicators (fiscal, technological, export-price, export concentration, financial and corporate) for 2021-2025 were used. Information base – LUKOIL's IFRS financial statements, data from the Ministry of Finance, the Ministry of Energy, and the Bank of Russia. Results. The share of oil and gas budget revenues decreased to 23% (pre–crisis zone), the discount of Urals to Brent reached $ 14/bbl (crisis zone, I=0.36), export concentration in China and India - 81% (pre-crisis zone, I=0.74). The weighted integral energy security index was 0.685 (the norm is 1.0), which corresponds to the pre-crisis state of the system. PJSC LUKOIL's net loss for 2025 was 1.06 trillion rubles (mainly due to the write-off of foreign assets by 1.7 trillion rubles), while the EBITDA margin remained at 24.1%. The energy sector demonstrates limited sustainability: physical production volumes have been preserved, but profitability and investment potential have decreased. The key threat is the price discount. Measures have been proposed to reduce it (development of its own fleet, long-term Asian contracts), achieve equipment localization of 85% by 2030 and de-dollarization of settlements to 80% by 2027.

KEYWORDS

institutional framework, carbon regulation, CBAM, EU ETS, carbon pricing, Russia, economic consequences

Funding

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Chief editor

Aleksandr Suglobov

a_suglobov@mail.ru

Deputy Editor-in-chief

Aleksey S. Mindrin

Publishing editor

Nadezhda Troitskaya

nn2209@mail.ru +7(915)259-03-86

This work is licensed under Creative Commons Attribution-NonCommercial 4.0 International Creative Commons

GOST

Sushko O. P. INSTITUTIONAL FOUNDATIONS OF CARBON REGULATION // Russian Journal of Management. 2026. no. 5. pp. 90-114. DOI: https://doi.org/10.29039/2409-6024-2026-14-5-90-114. (Date of access 11.10.2026).

MLA

Olga Sushko. "INSTITUTIONAL FOUNDATIONS OF CARBON REGULATION." Russian Journal of Management 14.5 (2026): 90-114. DOI: https://doi.org/10.29039/2409-6024-2026-14-5-90-114.

APA

Sushko O. P. (2026). INSTITUTIONAL FOUNDATIONS OF CARBON REGULATION. Russian Journal of Management, 14(5), 90-114. https://doi.org/10.29039/2409-6024-2026-14-5-90-114

Chicago

Olga Sushko. "INSTITUTIONAL FOUNDATIONS OF CARBON REGULATION." Russian Journal of Management 14, no. 5 (2026): 90-114. https://doi.org/10.29039/2409-6024-2026-14-5-90-114.

WIKI

{{cite journal | author = Sushko O. P. | title = INSTITUTIONAL FOUNDATIONS OF CARBON REGULATION | journal = Russian Journal of Management | year = 2026 | volume = 14 | issue = 5 | pages = 90-114 | doi = 10.29039/2409-6024-2026-14-5-90-114 }}

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