Transformation of the Russian economy in the context of the sanctions war

Yuriy Bekrenev; Alina Scherbakova; Aleksey Loboda

TRANSFORMATION OF THE RUSSIAN ECONOMY IN THE CONTEXT OF THE SANCTIONS WAR Transformation of the Russian economy in the context of the sanctions war

АА Аа

Published in Theoretical economics · Issue 10 · Pages 24–35 · Rubric: ACTUAL PROBLEMS OF THEORETICAL ECONOMY

Received: 08.09.2023 Accepted: 21.09.2023 Published: 02.05.2024

Authors

Yuriy Bekrenev

ORCID

Alina Scherbakova

Aleksey Loboda

Yuriy Bekrenev

Academic degree: candidate of economic sciences

Science rang: docent

Yaroslavl State Technical University Yaroslavl

ORCID

Alina Scherbakova

Yaroslavl State Technical University Yaroslavl

Aleksey Loboda

National Research University Higher School of Economics Moscow

ABSTRACT

The article analyzes the current economic and military-political situation around Russia in connection with the conduct of a special military operation in Ukraine and the unprecedented sanctions pressure from the United States and its European partners in NATO and the EEC. The authors focus on the measures to stabilize and transform the Russian economy, which were made in the speech of the President of the Russian Federation at the Federal Assembly (02/21/2023). The existing military-political and socio-economic situation is investigated. It is concluded that the Russian economy recovered relatively quickly after the sanctions downturn, it was able to adapt to new political and economic conditions, refocusing on building relations with Asian and African countries. However, the conflict is escalating and the military danger is growing, which is already turning into an existential threat for the country, and the Russian economy is still based on the principles of market liberalism. The authors conclude that in the current socio-economic circumstances, the country is not ready to implement the mobilization model due to its rejection by a significant part of the Russian political and economic elite, and by society as a whole, to which the ideas of liberalism have been imposed for many years. In this regard, in order to increase the efficiency of the Russian economy and solve the tasks not only set for its own, but also for further survival in an unfriendly environment, it is proposed to transform it into a state-oriented market model, using the positive experience of the PRC and the USSR in solving this problem.

KEYWORDS

transformation of the Russian economy, economic sanctions, the Russian economy under sanctions, change in GDP, stabilization of the national currency of the Russian Federation, sanctions pressure 2022, stabilization of the Russian economy, theses from the speech of the President of the Russian Federation at the Federal Assembly 2023, principles of socio-economic reforms in the PRC and the USSR, reorientation to the East, the impact of its on the Russian economy, the impact of sanctions on the sectors of the Russian economy.

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