Sanctions as a trigger for the acquisition of financial and economic sovereignty of the country

G. A. Domaschenko
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G. A. Domaschenko: Omsk Humanitarian Academy, Omsk, Russian Federation

Russian Journal of Social Sciences and Humanities, 2023, vol. 17, issue 3, 224-232

Abstract: The article highlights the issues of transition to a model of sovereign financial and economic development that are relevant for our country today. This article reveals the role of sanctions served as a trigger for Russia’s economic independence. At the same time, the problems that have arisen in the financial system, logistics, inflation and the ways to overcome them by the Government and the Central Bank of Russia are considered. It is noted that a balanced policy in the field of expenditures and budget deficits was ensured thanks to the budget rule, low government spending on servicing public debt, reorientation from West to East, the development of a number of legislative initiatives to support small businesses and social policy. These measures have helped to reduce tensions in society and create conditions for reducing the inflation rate in the Russian Federation. In order to further strengthen the financial system, improve the welfare of the country’s population, avoid the possibility of the development of such negative phenomena as stagnation, stagflation and recession, it is proposed to stop the growth of tariffs, thereby calming the market and business. It is recommended that investors take into account the dynamic changes in the geopolitical situation, as well as take into account the actions of the Ministry of Finance and the Central Bank and restore work on investment projects, since the Russian Government makes non-standard decisions that allow business not to fade away, but having received new opportunities due to the departure of foreign companies from the Russian market, to develop with renewed vigor.

Keywords: economy; sanctions; sovereignty; banks; financial system; crisis; inflation; tariffs; budget; investors (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aws:omskjl:v:17:y:2023:i:3:p:224-232

DOI: 10.57015/issn1998-5320.2023.17.3.24

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