IMPORT SUBSTITUTION POLICY UNDER ANTI-RUSSIAN SANCTIONS: STATE AND PROSPECTS

Abstract

In the context of Western sanctions caused by the events in Ukraine, a sharp drop in oil prices and other commodity prices, Russia is in a difficult political and economic situation. In these conditions, pressing was the question of replacement technologies and products imported from abroad, especially from the European Union, acceding to the anti-Russian sanctions, initiated by the United States. The political leadership of the Russian Federation have repeatedly raised the issue of import substitution, and only the events of recent years have allowed to translate public policy in this area to the actual implementation of programs developed its own production of goods and technology that were previously imported from abroad.Objective: To analyze the current political developments in the modern world and show the pros and cons of the policy of import substitution in Russia in terms of anti-Russian sanctions.Method and methodology of work: Institutional and neo-institutional paradigm, systematic approach.Results: The authors note that the import substitution program in import substitution, in spite of the marked complexity, have a good chance of success, and this is the key to low-cost raw materials, relatively cheap labor, cheap energy sources – natural gas and electricity, as well as carried out in 2014–2015 devaluation of the ruble, which significantly reduce the cost of the potential costs of enterprises.Application of the results: political science and practice, economic policy.

Keywords

• government policy
• Western sanctions
• resource-based economy
• import substitution