New challenges for the Russian Federation economy and ways to overcome them in the face of sanctions

Abstract

Subject. We consider the impact of sanctions on the economy of the Russian Federation. Objectives. The focus is on the analysis of different types of sanctions and the degree of their impact on the country's economy as a whole and in its various sectors. Methods. The study rests on general scientific research methods. Results. Favorable situation on the hydrocarbon market, the weakening of the US dollar, the use of parallel import instruments enabled to solve the problems of negative impact of sanctions in the short term. In general, the economy of the Russian Federation feels the effects of sanctions less painfully than originally expected. Conclusions. Important issues that need to be addressed are critically high inflation, a decrease in real incomes of the population, in domestic demand and exports, insufficient development of innovative industries, import substitution, disruption of logistics chains, access to high technologies and components.