IMPORT SUBSTITUTION UNDER SANCTIONS: ACHIEVEMENTS AND DIFFICULTIES

Abstract

At the present stage, the issue of import substitution is the main one for the functioning of the Russian economy. The 2022 sanctions have become many times larger than previous restrictions and have spread to various sectors of the economy. Under such conditions, the import of technologies and goods from Western countries has been significantly reduced, so it is necessary to expand parallel imports and create import-substituting industries in Russia itself. Previously, the EAEU was not the focus of Russian foreign policy. But today Western countries are seeking to eliminate Russia from the world economy and trade. Therefore, the maintenance of technological sovereignty, the creation of alternative financial mechanisms and external relations within the EAEU are becoming an important means for Russia to compensate for the damage from sanctions. They also provide an opportunity to adapt to changing conditions. At present, Russia has changed the direction of economic cooperation to the East and began to transform the market, relying on the countries of Asia and the BRICS. Today, the main areas of joint activity of the BRICS member countries are strengthening trade relations, cooperation in the digital economy, maintaining supply chains and climate-related issues.