Russia’s foreign trade under sanctions pressure

Abstract

The article discusses the specifics of the development of Russia’s foreign trade in the new realities, formed, on the one hand, by the unprecedented sanctions regime against the Russian economy, and, on the other hand, by a sharp increase in prices on world commodity markets in the context of increased geopolitical uncertainty, which allows Russia to financially compensate for the decline in physical volumes of export deliveries. The nature of the sanctions imposed against Russia and their impact on the dynamics of its exports and imports and the conjuncture of world commodity markets are analyzed. The concept of "trap of a big country" is introduced in relation to anti- Russian sanctions. An assessment of the results of Russia’s foreign trade in January–May 2022 is given and brief proposals for improving of Russia’s foreign trade policy are made. The conclusion is made about the resistance of the cost volumes of Russian exports to sanctions pressure and the need for a foreign trade policy aimed at comprehensive support of imports necessary for the functioning of the domestic economy in the short term.