Lessons of sanctions for sustainable economic future of Russia

Abstract

Objective: to determine the ways of the Russian economy development under the pressure of sanctions.Methods: when writing the work, such methods of scientific cognition were used as abstract-logical, historical method, analysis and synthesis.Results: the problem of sanctions pressure on the Russian economy is not new. However, the volume of economic pressure on the country in 2022 indicates that the time has come for a radical restructuring of the economic system. The paper analyzes the Russia’s experience of overcoming the crisis associated with the consequences of sanctions in 2014; conclusions are formulated about the ambiguity of the measures taken to create conditions for the formation of financial and economic independence of the country. A significant part of the stated goals was not achieved, as evidenced by the data, obtained by the authors, on the Russian economy’s dependence on imports of main products. The key areas of sanctions against the Russian economy are systematized, the most vulnerable industries are identified, and some areas of the problems are revealed.Scientific novelty: a critical assessment of the Russian economy’s preparedness for sanctions imposed some countries is given, and measures are developed to reduce their impact on the Russian economy.Practical significance: the study results can be useful in developing economic policy directions and focusing on those industries whose problems were exposed under the sanctions war of 2022.

Keywords

• economics and national economy management
• economic development
• sanctions
• economic crisis
• import substitution
• state regulation of the economy