Assessment of Economic Sanctions Impact on the Real Sector of the Russian Economy

Abstract

The article discusses the specifics of economic relations, their legal nature and differences in approaches to economic relations on the part of the Russian Federation, the European Union and the UN; the specifics of economic sanctions, including against the Russian Federation, are revealed, taking into account the comparison of restrictive measures before February 2022 and after this period. The legal platform for the introduction and implementation of economic sanctions by various actors of international law is determined. The development of the national economy of the Russian Federation in 2022 and 2023 is considered. The key sanctions measures that various countries and the European Union have imposed on the Russian Federation are being studied. Approaches to diminishing (reducing influence) in relation to the stabilization of the national economy of the Russian Federation are revealed. The article focuses on the impact of sanctions on key sectors of the national economy in the aspect of reorientation of management decisions of large enterprises. The specifics of Russian economy adaptation to new conditions are considered, taking into account the priority directions of economic stabilization implemented by the Government of the Russian Federation. The features of the economic sanctions of the USA, Canada, Australia and the European Union against the Russian Federation are considered. The factors of reducing the impact of economic sanctions on the Russian economy are being studied, including the actualization of economic relations with friendly countries. Statistical data and analysis of long-term trends are given, taking into account the position of economists and the Bank of Russia. Estimates of the projected and real GDP of the Russian Federation against the GDP of other countries are compared. As a result, further ways of development of the national economy in the conditions of economic sanctions are predicted, as well as the likelihood of mitigation of restrictive measures against the Russian Federation. Recommendations are provided to minimize the adverse effects of economic sanctions, by supporting the potential of Russian Federation.