Novak stressed the importance of Russia in the global energy system

On October 16, Deputy Prime Minister Alexander Novak told Izvestia about the impact of new technologies on the economy and Russia's importance in the global energy system, despite sanctions.

He noted that digitalization covers all areas, including energy. According to him, digitalization in the economy is the introduction of the most modern technologies, such as automation, the use of big data and artificial intelligence.

"Digitalization makes it possible to increase efficiency, speed of decision—making, increase labor productivity and do faster what was previously done more slowly," Novak said.

As for the Russian energy sector, according to him, Russia continues to be the largest global player, despite the sanctions.

"Today, the balance of supply and demand remains, and without Russian energy resources, without Russian energy, it certainly seems to me that the world will be unbalanced," the expert said.

He stressed that although Russia has been banned from supplying energy resources to Europe and the United States, its resources are in demand in other developing regions of the world. This confirms Russia's importance in the global energy sector, as well as its role in maintaining the global energy balance.

"Russia remains one of the leading oil producers"

Vladimir Putin's speech at the Russian Energy Week event. Main quotes

On the same day, Russian President Vladimir Putin announced that the country would strengthen its position as a global energy leader. He also stressed that the Russian Federation does not depend on anyone in the nuclear field.

Prior to that, on October 2, Putin said that without Russian oil, the situation in the global energy sector would be unstable. He noted that a drop in Russian oil volumes would instantly send prices above the $100 per barrel target.

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