UDC 330                                                

DOI: http://doi.org/10.15350/2409-7616.2022.4.33

Ashurov T.Sh.^1,2 (Derbent, Russian Federation) – telman.ashurov@mail.ru

¹Dagestan State Technical University²Dagestan State University

²Dagestan State University

Abstract. In this article, the author considers the sanctions crisis of the Russian economy. At the moment, the stable and sustainable position of the state is determined mainly by the level of development of its economy. In this regard, the termination or restriction of economic relations can have serious consequences for the normal functioning of the country. The purpose of writing this article is to analyze the main trends and directions of development of the economy of the Russian Federation under the sanctions of Western Europe and the United States. Achieving the goal in the study is possible when solving such problems as: revealing the nature and essence of financial crises; consideration of the largest financial crises of the 20th century; determination of the causes of the emergence and manifestation of the current financial crisis; study of the chronology and nature of the sanctions imposed on the Russian Federation by the countries of Western Europe and determine their impact on the economic relations of Russia with the EU; analysis of the sanctions crisis in the Russian economy; analysis of the impact of sanctions on the main sectors of the economy of the Russian Federation. The article uses a set of measures of scientific knowledge, including: a systematic approach, analysis of numerical data and the method of comparisons and analogies. The article also outlines three main stages of sanctions pressure on Russia, such as: a stage of targeted sanctions against specific individuals and legal entities whose actions are believed to have threatened the territorial integrity and political stability of Ukraine; a stage of sectoral sanctions aimed not at “punishing” specific individuals and legal entities, but at causing damage to certain sectors of the Russian economy, regardless of whether companies in these industries are involved in the crisis in Ukraine or not; phase of expansion of sectoral sanctions. In the article, as results, the author presents conclusions, for example, such as: expansion of technology exports to the countries of the East, Africa and South America; improvement of technological capabilities of own production; development of own meat production, the emergence of its new directions; development of its own fishing industry through the creation of specialized exchanges; development of own dairy production.

Keywords. sanctions, crisis, methodology, banking system, risks, analysis, trend, factors.

References:

1. Gerasimenko V.V. The main trends in the development of the modern financial system. Economics, 2019, no. 6, pp. 3-15. (In Russian). URL: https://www.elibrary.ru/item.asp?id=42959601
2. Yearbook E.D. Economic sanctions: historical aspect. National economy: theory and practice, 2020, no. 20, pp. 64-87. (In Russian).  URL: https://www.elibrary.ru/item.asp?id=24790580
3. Drobot E.V., Makarov I.N., Nazarenko V.S. Impact of the COVID-19 pandemic on the real sector of the economy. Economics, Entrepreneurship and Law, 2020, vol. 10, no. 8, pp. 2135-2150. (In Russian). DOI: 10.18334/epp.10.8.110790
4. Kulkova I.A. Adapting the behavior of entrepreneurs to the changes caused by the coronavirus pandemic. Economics, Entrepreneurship and Law, 2020, vol. 10, no. 10. pp. 2529-2540. (In Russian). DOI: 10.18334/epp.10.10.111051
5. Soros D. World economic crisis and its significance. New paradigm of financial markets. Moscow, Mann, Ivanov, Ferber Publ., 2020. 272 p. (In Russian).
6. Osama Ali Maer, Moon D.V., Fatma Jiha Response to the COVID-19 pandemic: economics and health care of economically developed and developing countries. Economic relations, 2020, vol. 10, no. 4, pp. 981-998. (In Russian). DOI: 10.18334/eo.10.4.111083
7. Torkanovskiy E.P. Autarky 2.0: the global environmental agenda, the COVID-19 pandemic and the new normal. Economic relations,2020, vol. 10, no. 3, pp. 663-682. (In Russian). DOI: 10.18334/eo.10.3.110600
8. Donath L.E., Cismas L.M. The current financial crisis revised. Causes and remedies. Romanian Journal of Economic Forecasting, 2009, vol. 12(31), pp. 85-98.
9. McKibbin W.J., Fernando R. The global macroeconomic impacts of COVID-19: Seven scenarios. CAMA working paper, 2021, vol. 20, issue 2, pp. 1-30. DOI:10.1162/asep_a_00796
10. Nicola M. The socio-economic implications of the coronavirus and COVID-19 pandemic: A review. International Journal of Surgery, 2020, vol. 78, pp. 185–193. DOI: 10.1016/j.ijsu.2020.04.018
11. Shepelev D.V., Shustov G.O. Legitimacy of economic sanctions from the point of view of international law. Legal Bulletin, 2021, vol. 6, no. 2, pp. 47-54. (In Russian). URL: https://www.elibrary.ru/item.asp?id=46308866
12. Novolodskaya G.I. Challenges of trade wars and pandemics for the future of the world economy, the SCO and Russia. Questions of the new economy, 2021, no. 1, pp. 17-34. (In Russian). DOI: 10.52170/1994-0556_2021_57_17
13. Buzdalina O.B. Methods of state financial regulation in the conditions of introduced economic sanctions. Auditorskie Vedomosti, 2022, no. 2, pp. 36-40. (In Russian). DOI: 10.24412/1727-8058-2022-2-36-40
14. Smeshko O.G., Plotnikov V.A., Vertakova Yu.V. Prospects for the Russian economy: new challenges to economic security and restructuring of public administration. Economics and Management, 2022, vol. 28,no. 6,pp. 524-537. (In Russian). DOI: 10.35854/1998-1627-2022-6-524-537
15. Vlasova O.V., Skoblikova T.V., Zhmakina N.D. Influence of political and economic sanctions on the investment climate in Russia. Bulletin of the Altai Academy of Economics and Law, 2022, no. 5-3, pp. 337-343. (In Russian). DOI: 10.17513/vaael.2215

For citation:

Ashurov T.Sh. Sanction crisis of the Russian economy. CITISE, 2022, no. 4, pp. 350-363. DOI: http://doi.org/10.15350/2409-7616.2022.4.33