Justification for the development of measures to neutralize sanctions pressure and further development of the Russian economy

Abstract

An unprecedented number of sanctions have been imposed against Russia over the past year. The sanctions imposed against our country by Western countries have affected almost all spheres of the economy. From industry and agriculture to the banking sector, from the blatant discrimination of our athletes in the international arena to the attempt to abolish Russian culture. The article analyzes the impact of sanctions on various sectors of the economy, including the energy sector, mechanical engineering, agriculture, banking and IT spheres, and others. The strengths and weaknesses of the domestic economy are assessed, the directions in which the countries of the world critically depend on Russia are presented, among them the production of agricultural products, fertilizers, chemical, metallurgical, machine-building and other industries. The analysis of macroeconomic indicators of Russia and some Western countries that imposed sanctions is carried out. Macroeconomic analysis showed the stability of the domestic economy, while the decline in gross domestic product was less than predicted, and domestic inflation was lower than in some Western countries. A large section of the article is devoted to areas to reduce the country's dependence on Western products and technologies, presents the main measures to neutralize sanctions pressure and further development of the Russian economy, which the authors divided into three areas: measures in the short, medium, and long-term prospects. The list of measures to reduce the negative impact of sanctions, among other things, included ensuring budget revenues through the sale of energy resources, import substitution of products of departed Western companies, ensuring the sustainability of the economy, the development of a digital, and subsequently an innovative economy. All this should ensure the socio-economic prosperity of the state and ensure its sustainable development for many years.