Economic effects of Western sanctions and Russia’s reciprocal sanctions
Keywords:
Food embargo, anti-Russian sanctions, Russia’s foreign trade, the European Union, APEC countries, CIS, the Russian economy, import substitution, economic safety of RussiaAbstract
This article analyzes the economic effects of the sanctions and Russia’s reciprocal sanctions on the Western countries. The attitude of some EU countries towards the imposed sanctions against Russia is examined. Some Western companies are seeking ways to not only circumvent the sanctions but also to expand their share of the Russian market. Changes in the volumes of Russia‘s foreign trade over 2013-2016 are considered. It is shown that the share of EU countries in the structure of Russia’s foreign trade has decreased in favour of APEC countries. The issues faced by Russian manufacturers are reviewed. Suggestions on how to overcome the negative consequences of anti-Russian sanctions and to improve the level of Russia’s economic safety are given in the article.
