Requirements for Foreign Economic Relations in the Context of Achieving the Development Goals of the Russian Economy

Abstract

The article analyzes the current state of Russian foreign trade and its impact on the development of the economy. The main changes that occurred in the global economy during the crisis caused by the new coronavirus pandemic are considered. It is concluded that most of the trends that formed in the global economy before the crisis are likely to receive additional acceleration after its end. In this regard, additional restrictions may be imposed on traditional Russian exports. It is stated that foreign trade should become one of the key factors that ensure the stability of the Russian economy in the medium and long term. The requirements for the balance of payments and the exchange rate that ensure the stability of the macroeconomic dynamics and parameters of foreign trade are determined. Given the current trends in the parameters of the world economy and trade, it should be assumed that the structure of Russian exports will not undergo significant changes over the next 15 years. This means that for the next 15 years, the development of the export potential of the fuel and energy sector, the diversification of the geography of energy supplies, remains one of the key tasks of the foreign economic strategy. The key restrictions of the integration processes in the Eurasian Economic Union (EAEU) are evaluated.

Keywords

• foreign trade
• economic growth
• ruble exchange rate
• balance of payments
• eaeu