Russia's Position in the System of International Trade Relations in the Context of Sanctions Imposed Against Russia

Abstract

International trade, which constitutes liaison between producers of goods and services from different countries, is vital for any country in the modern world. International trade is based on the division of labor and characterized by mutual economic dependence. Russia in 2022 is still one of the main trading partners in the system of international trade relations due to its role as a key exporter of energy resources. In this context, it is relevant to study the current situation in Russia's foreign trade greatly affected by the sanction policy of Western countries. The purpose of this study is to identify some negative effects of the imposed sanctions on Russia's export-import operations and outline possible areas of trade development and trade diversification, which could result in strengthening Russia's position in the global market. The methodology of the study is based on analyzing dynamics of Russia's foreign trade under sanctions, as well as comparing and generalizing modern methods of national and international regulations of foreign trade. The informational and empirical basis of the study is the data of statistical reports of the Federal State Statistics Service and the Federal Customs Service. The object of observation is Russia's foreign trade from 2013 to 2022. Scientific novelty lies in introducing new approaches to solving the identified problems of development of Russia's foreign trade, as well as outlining prospects of altering commodity range and geographic structure of exports and imports. The conducted research has revealed that Russia’s economy and foreign trade is affected by the politics-related restrictions; that Russia needs to develop its own innovative technologies and production on their basis, which will reform the structure of Russia's export.