Special operation "Cancellation of Russia" on the world market: first results

A. A. Maltsev ()

International Trade and Trade Policy, 2023, vol. 8, issue 4

Abstract: The article examines the first most important consequences of the Western bloc's sanctions policy for the global and Russian economy. The purpose of the work: on the basis of systematization of sanctions instruments grouped into 3 packages – financial blockade, foreign economic barriers, curtailment of scientific and technical cooperation, to check the mutual effectiveness of their aftereffects. As a result of the author's analysis of the practice of sanctions pressure on the example of the US economy, the European Union and the Russian Federation, the working hypothesis of the study was confirmed: the complete isolation of the Russian economy sought by the initiators of sanctions pressure did not take place. However, the sanctions policy of the West has had a significant impact on the system of the world economy. And this influence is multidirectional and generally negative. Long-term economic growth in conditions of relative external isolation will now have to be ensured by the domestic economy of the Russian Federation, relying on the preservation and multiplication of human capital and with the help of broad state protectionism. The author suggests possible directions of adjustment of the Russian general economic policy: the docking of a set of measures for the near, medium and long-term prospects; priority development of the domestic economy with an emphasis on the preservation and augmentation of human capital; exclusion of options for autarkic development.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:acl:journl:y:2023:id:555

DOI: 10.21686/2410-7395-2022-3-7-22

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