The fuel and energy sector's contribution to Russia's gross domestic product has fallen to 13%, down from a previous range of 18% to 20%, according to Deputy Prime Minister Alexander Novak.
Novak made the remarks at the Financial Congress of the Bank of Russia in St. Petersburg, highlighting a significant structural shift in the Russian economy.
The decline in the energy sector's weight suggests that other industries are gaining relative importance, potentially reflecting long-term diversification efforts or a contraction in the hydrocarbon segment's output relative to the broader economy.
This development is notable for market observers tracking Russia's economic resilience amid ongoing geopolitical pressures and sanctions.
A reduced reliance on energy exports could alter the dynamics of global oil and gas markets, particularly if it signals a strategic pivot away from hydrocarbon dependence.
However, the immediate impact on global energy prices remains unclear, as Russia remains a major supplier of crude and natural gas.