On the Issue of the Effectiveness of Import Substitution Policy in the Agricultural Sector in the Conditions of Special Economic Measures Adopted by the Russian Federation

Abstract

The special economic measures adopted by the Russian Federation in 2014 as a response to economic sanctions of a number of foreign states have become the main reason for a large-scale import substitution policy affecting key sectors of the economy. In particular, development trends in agricultural sector continue to be observed today. Despite the fact that the implementation of import substitution policy is successful, the question of its effectiveness remains. The purpose of the research was to study main results of the implementation of import substitution policy in the agricultural sector and make conclusions of its effectiveness. In addition, we also put forward a number of recommendations to increase the effectiveness of the implementation of the import substitution policy in the agricultural sector, since the not all categories of import substituting goods show significant changes in the volume of production, exports or import. As the study found the Russian Federation adheres to the strategy of export-oriented import substitution. We concluded that work to improve the efficiency of the implementation of the import substitution policy should continue. Keywords. Import substitution policy, special economic measures, import-substituting goods, agricultural products, production, export, import.