International sanctions impact on industrial export of Russian regions

Abstract

This article is devoted to the structure study of Russian industrial export in the regional context in order to determine the weight of individual regions in domestic foreign trade in industrial goods, as well as the role of cross-border exports in the economic various regions’ development of the country. To identify the economy dependence of individual Russian regions on the export of industrial products, this study uses statistical data from the Federal Customs Service on Russian export in a regional context. Next this information is compared with information from local territorial statistical committees on the certain types’ production of industrial products in the studied regions. The analysis of statistical data using graphical and tabular methods made it possible to conclude that foreign trade plays a significant role in industrial production in a number of country regions. Based on the existing and potential sanctions restrictions, the current situation with the export orientation of industries’ number creates significant risks for the further economic development of certain regions and republics of the Russian Federation. Considering the need to maintain the current pace of economic development, in some cases it is necessary not only to develop measures to diversify export destinations from unfriendly states to neutral countries, but also to develop import substitution programs and manufacturers’ orientation to meet the needs of the domestic market.

Keywords

• foreign economic activity
• unfriendly states
• prospects
• sanctions
• export structure
• threats
• export