The article deals with the external and internal barriers and the results of the impact of such restrictions on the development of the innovation process in the oil and gas complex of Russia, as well as an objective assessment of the current situation in the field of innovations in the oil and gas industry. The aim of the study is to analyze the current barriers and opportunities to overcome them on the way to unlocking the potential of Russian import substitution programs, as well as the introduction of new technologies in the oil and gas industries. The study is based on the hypothesis that process innovations in the oil and gas sector have an obvious impact not only on the final results of specific companies in the industry, but also on the overall state of the national economy. Today we can observe the process of transition of the Russian economy to an innovative way of development. Such a transformation is of great importance for the further development of the country, and the strategic directions of transition to an innovative type of economic development were identified in the Concept of long-term socio-economic development in 2020. One of the long-term goals was to increase the share of innovation in the economic growth of the Russian Federation. The process of innovation in enterprises is usually long-term and involves some barriers that require systematization and substantive consideration. Thus, the article assesses the potential economic damage from the existing barriers to the innovative development of the oil and gas sector. The analysis of the sanctions pressure of Western countries on the Russian oil and gas complex companies and the effect of sanctions restrictions in the long term. The scientific base of the work is based on the data of state statistics, analytical data of fuel and energy complex companies, foreign sources, as well as on the assessments of independent experts.

The article discusses the possibilities of promoting the development of the Russian’s oil and gas industry in the current unstable political and economic conditions. The analysis of tools and mechanisms to support the oil and gas industry to ensure energy independence and improve energy security of the fuel and energy complex of the Russian Federation through import substitution of critical technologies, development of legislative and tax measures to stimulate the development of the Russian state company. The authors of the study assess the effectiveness of state and corporate import substitution plans, external trade contracts and markets, as well as provide a forecast of possible ways of development of the oil and gas complex of Russia, taking into account sanctions restrictions, fuel prices and in the future competition with alternative energy sources. The implementation of effective state support for the Russian’s oil and gas industry can contribute to the development of scientific and technological potential of companies to implement the import substitution program, as well as to strengthen the position of the Russian Federation in the global system of energy resources.