Theoretical Foundations of the Foreign Economic Relations Strategy of the Russian Federation at the Present Stage

Abstract

Introduction. The author of this text is convinced that in the modern world foreign economic relations remain a crucial way of maintaining economic activity. Sustainable economic relations with other states are a necessary condition for the country's economic growth. However, due to changes in the global financial, economic and political systems, Russia is forced to look for new economic and political allies. The main task for our country is to establish close and mutually beneficial relations with the leading countries of the East, such as China and India, in order to ensure economic security in the face of possible isolation in the international arena.Materials and methods. The methodological basis of this research was made up of general scientific and special research methods, such as induction and deduction, analysis and synthesis, classification, comparative, descriptive, comparative, logical, structural-functional methods, various methods of statistical analysis. The author of the study used tabular and graphical forms of representation of the processes and phenomena under consideration.Research results. The study revealed that Russian government authorities use various tools to maintain foreign trade and ensure economic security in the context of anti-Russian sanctions. The balance between protectionist and free trade policies depends on the situation in international markets, the geopolitical situation in the world, but especially on the level of competitiveness. The introduction of sanctions by the collective West has become the main factor, changing the foreign economic situation for Russia in 2022. Russia’s new foreign economic strategy is based on the search for friendly partners, willing to purchase sanctioned goods. Thanks to this strategy, Russia was able to reorient foreign economic relations towards Asia and the Middle East, as well as to establish parallel imports while maintaining competitiveness and even increasing foreign trade turnover.Discussion and conclusion. The need for Russia to enter the Chinese and Indian trade markets and to strengthen foreign economic relations with Asia is substantiated; the main groups of goods that can contribute to the development of mutually beneficial exchange and strengthening of economic cooperation between these countries are analyzed; the possibility and importance of further development of foreign economic relations with Asian states, which can become no less important and useful partners for Russia than the former states of Europe, have been proven.