Essence and features of economic security of the industry sector

Abstract

Ensuring the economic security of the industry sector and its element, energy security, is critical for the economies of countries, especially in the current environment of escalating military conflicts. The purpose of this study was to investigate the most likely risks to the security of the industrial sector, taking the example of the oil industry. The study employed the formal legal method, the method of qualitative textual analysis, the descriptive method, the method of statistical analysis, and the survey method. The study determined the place of energy security, specifically the security of the oil industry, in the system of economic security and emphasised its exceptional significance, especially in times of war. The principal global risks to the security of the oil industry were identified, including increased economic dependence for import-dependent countries and for countries dependent on oil exports; escalation of conflicts due to disagreements over resource control; and terrorist and cyberattacks. It was found that the main threats to Ukraine are generated by Russia’s invasion of its territory, which entails such critical risks as the physical destruction of oil industry facilities and cybersecurity breaches. The study confirmed that the war in Ukraine could have a substantial impact on the energy security of the European Union. This impact may result in the postponement of the association’s environmental goals due to the need to urgently ensure its own energy security. The study identified ways to improve security in the Ukrainian oil industry in times of war, including ensuring physical security and cybersecurity, developing crisis response plans, and improving the energy efficiency of the national industry. The findings of this study may be useful in developing measures to optimise energy policy

Keywords

• energy
• oil sector
• war
• import dependence
• energy shortage
• alternative energy sources