Agricultural Industry of Russia: Current State and Effectiveness of Protection Measures within Import Substitution Programs

Abstract

The purpose of the study is to assess effectiveness of the new ways to protect the agricultural industry of the Russian Federation from the negative impact of the economic sanctions imposed against the state in 2022. It is revealed that in the current situation the markets of plant protection products, seeds and agricultural machinery have suffered significantly. The protective measures are considered, their potential to mitigate the sanctions pressure of unfriendly countries on the Russian agribusiness and stimulate the development of the economy as a whole is assessed. The state needs to increase and stimulate funds in this sector of demand for scarce goods, improving the technical and technological component, establishing new supply routes, raising interest in theoretical and applied sciences. As a large number of foreign companies have terminated their activities in Russia and withdrawn from the Russian domestic market, the state has now more opportunities to develop its own production facilities.