TRENDS OF ECONOMIC DEVELOPMENT OF THE SUBJECTS OF THE RUSSIAN FEDERATION IN TERMS OF OIL PRICES’ DECLINING AND ECONOMIC SANCTIONS

Abstract

A combination of sharp drop of oil prices at the end of 2014, the significant devaluation of the ruble and the tightening of economic sanctions have proved the fairness of experts’ position regarding the danger of growing dependence of the Russian economy on the export of raw materials and the import of technologies. In recent years the depth of this dependence revealed turned out to be prohibitive. It forms a real danger of suspension of a number of industries, on which the stake was made in the modernization of regional economies. Under these conditions, becomes obvious the need for a new strategy of social and economic development, first of all, for domestic industry. One of its basic blocks in this strategy should come up regional modernization strategies. This will require an assessment of the resources, which the subjects of the Russian Federation possess for solving this problem and the characteristics of the development trends of their economies. The proposed article is devoted to answering to the last question.