Measures to Neutralize the Consequences of Sanctions Against Russia at the Federal and Regional Levels
https://doi.org/10.21686/2073-1051-2022-1-150-161
Abstract
The Russian ruble depreciated sharply in 2014 after the US embargo was imposed, in just one day it lost 19% of its value, which was the biggest daily drop in the previous 16 years. Inflation has reached a three-year high. The reasons for the sharp decline in the indicators of the Russian economy were the factors of a sharp drop in oil prices, sanctions against the country and insufficient effective management. The article discusses Russia’s anti-sanctions actions at the federal and regional levels of government. It is concluded that the following measures have become the most effective in responding to sanctions: the introduction of import sanctions against countries subject to the embargo, reducing dependence on the dollar and euro in foreign trade (de-dollarization) by concluding bilateral currency agreements, changing export directions, introducing a national payment system, adopting import substitution plans within federal and regional policies, as well as a plan to support firms affected by sanctions. It is noted that the sanctions posed threats not only to the economy of Russia and its regions, but also to the economies of European countries and, ultimately, to the stability of the global financial system.
About the Author
S. Alikhani
Federal State Budgetary Institute of Higher Education Plekhanov Russian University of Economics
Russian Federation
Russian Federation
Alikhani Samira – Postgraduate Student of the Department of Financial Markets
36, Stremyanny Lane, Moscow, 117997
References
1. Gorbunova O.A. Privlechenie priamykh inostrannykh investitsii v rossiiskuiu ekonomiku v usloviiakh deistviia sanktsii [Attracting Foreign Direct Investment into the Russian Economy Under the Sanctions], Rossiiskoe predprinimatel’stvo [Russian Entrepreneurship], 2018, Vol. 19, No. 8, p. 2185–2200. (In Russ.).
2. Kazantsev S.V. Otsenka vliianiia antirossiiskikh sanktsii na toplivnoenergeticheskii i oboronno-promyshlennyi kompleksy Rossii [Assessment of the Impact of Anti-Russian Sanctions on the Fuel and Energy and Defense-Industrial Complexes of Russia], Mir novoi ekonomiki [The World of the New Economy], 2018, No. 12 (3), p. 46–57. (In Russ.).
3. Oborin M.S. Razvitie turistsko-rekreatsionnoi deiatel’nosti v usloviiakh sanktsionnykh ogranichenii i sotsial’no-ekonomicheskoi nestabil’nosti iuzhnykh regionov Rossii [Development of Tourist and Recreational Activities in the Conditions of Sanctions Restrictions and Socio-Economic Instability of the Southern Regions of Russia], Nauchnyi rezul’tat. Tekhnologii biznesa i servisa [Scientific Result. Business and Service Technologies], 2017, No. 1 (11), p. 51–58. (In Russ.).
4. Doklad o mirovom razvitii 2022: finansirovanie spravedlivogo vosstanovleniia [World Development Repore 2022. Finance for an Equitable Recovery], Vsemirnyi bank [The World Bank]. Available at: https://www.worldbank.org/en/home
5. Kurganskii S.A., Siuefei Tan Rossiisko-kitaiskoe sotrudnichestvo v bankovskom sektore [Russian-Chinese Cooperation in the Banking Sector], Izvestiia IGEA [Izvestia IGEA], 2013, No. 2 (88), p. 10–13. (In Russ.).
6. Sergunin A.A., Gao F. BRIKS kak predmet izucheniia teorii mezhdunarodnykh otnoshenii [BRICS as a Subject of Studying the Theory of International Relations], Vestnik mezhdunarodnykh organizatsii [Bulletin of International Organizations], 2018, Vol. 13, No. 4, p. 55–73. (In Russ.).
7. Novikov D.P. Bol’shoe evraziiskoe partnerstvo: vozmozhnoe regional’noe vliianie i interesy Rossii [Great Eurasian Partnership: Possible Regional Influence and Interests of Russia], Vestnik mezhdunarodnykh organizatsii [Bulletin of International Organizations], 2018, Vol. 13, No. 3, p. 82–96. (In Russ.).
8. Altukhov A.I. Importozameshchenie v agroprodovol’stvennom komplekse strany: problemy i puti ikh resheniia [Import Substitution in the Agro-Food Complex of the Country: Problems and Ways to Solve Them], Vestnik Kurskoi gosudarstvennoi sel’skokhoziaistvennoi akademii [Bulletin of the Kursk State Agricultural Academy], 2015, No. 3, p. 2–6. (In Russ.).
9. Vereshchagin S.G., Titarova O.V. Nalogovaia amnistiia i amnistiia kapitalov v Rossii: teoriia i praktika [Tax Amnesty and Capital Amnesty in Russia: Theory and Practice], Teoriia i praktika obshchestvennogo razvitiia [Theory and Practice of Social Development], 2016, No. 7, p. 79–81. (In Russ.).
10. Sukharev A.N., Burutin A.G. Obespechenie bezopasnosti mezhdunarodnykh rezervov Banka Rossii [Ensuring the Security of International Reserves of the Bank of Russia], Finansy i kredit [Finance and Credit], 2014, No. 42 (618), p. 2–12. (In Russ.).
11. Tetushkin V.A. Analiz vliianiia sanktsii v sfere energetiki i problem importozameshcheniia v RF v usloviiakh ekonomicheskogo krizisa [Analysis of the Impact of Sanctions in the Energy Sector and the Problems of Import Substitution in the Russian Federation in the Context Of The Economic Crisis], Natsional’nye interesy: prioritety i bezopasnost’ [National Interests: Priorities and Security], 2016, No. 12 (345), p. 94–110. (In Russ.).
12. Lebedeva I.D. Importozameshchenie v severnykh regionakh v usloviiakh sanktsii (na primere Khanty-Mansiiskogo avtonomnogo okruga) [Import Substitution in the Northern Regions Under Sanctions (on the Example of the Khanty-Mansiysk Autonomous Okrug)], Vestnik IuGU [Bulletin of the South State University], 2015, No. 54 (39), p. 259–261. (In Russ.).
Review
For citations:
Alikhani S. Measures to Neutralize the Consequences of Sanctions Against Russia at the Federal and Regional Levels. Federalism. 2022;27(1):150-161. (In Russ.) https://doi.org/10.21686/2073-1051-2022-1-150-161
Views:
1506
Email this article 