Russia's foreign trade under sanctions in 2014–2022

Abstract

Subject. The article considers the state, structure, and dynamics of Russia's foreign trade turnover under sanctions. Objectives. The purpose is to provide a comprehensive quantitative assessment of changes in the volume, structure and dynamics of foreign trade in conditions of a new phenomenon for modern Russia, i.e. unprecedented sanctions by European countries and the United States. Methods. I employ methods of structural and comparative data analysis, time series studies, methods of generalization of official statistical and customs information materials, and data published in the mass media. Results. The paper revealed dynamic and structural features of Russia's foreign trade turnover, exports and imports under the influence of sanctions, considered directions of foreign trade restructuring in modern conditions. Conclusions. The dynamics of foreign trade in the conditions of sanctions is fluctuating, having no clearly expressed tendency to rise or fall. In the export commodity structure, the share of metals and forest products, as well as liquefied natural gas, decreased, while maintaining the volume of oil supplies. Due to the termination of supplies of European equipment to Russia, enterprises in a number of industries began to experience difficulties in the production of high-tech products. The most important direction in the development of modern foreign trade is a reorientation of exports and imports to Asian countries and Latin American and African States.