Russian economy in the face of new sanctions challenges

Abstract

The year 2022 was characterized by a number of significant processes and events that made it possible to reveal the stability of the Russian and world economies. Thirty years ago Russia started moving to the market that marked the beginning of radical changes and transformations of the Russian economy and laid the basis for long-term trends that we are still observing. The liberalization of prices and the subsequent introduction of a single exchange rate regime, large-scale entry into the global financial system, and the strengthening of market principles of interaction of economic agents determined the contours of further development of the Russian economy. This was followed by a real test of strength — through a period of local and global crises, and in the sanctions of 2022, this “testing” has reached its apogee. The pandemic shock was replaced by a large-scale geopolitical tension due to the events in Ukraine. Russian assets were frozen, the existing system of world economic relations was massively deformed, and the Russian economy is forced to rebuild the mechanisms and foundations of its domestic and international development. At the same time, RF has the potential for forming new points of support, and it should be used more actively.