The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 2/2023.  World Economy.

Victoria V. Narbut

Cand. Sci. (Econ.), Associate Professor at the Department of Business Analytics of the Faculty of Taxes, Audit and Business Analysis, Financial University under the Government of the Russian Federation, Moscow, Russia

Elena P. Shpakovskaya

Cand. Sci. (Econ.), Associate Professor at the Department of Business Analytics of the Faculty of Taxes, Audit and Business Analysis, Financial University under the Government of the Russian Federation, Moscow, Russia

RUSSIA'S FOREIGN TRADE TRENDS UNDER SANCTIONS

Размер файла131-148 Размер файла  343.69 KB  Open .pdf

Abstract

The purpose of this study is to assess the development of Russia's foreign trade after the sanctions imposed. It has been found that the results of foreign economic activity in 2022 was an unprecedentedly high current account value of the balance of payments. Such aggregates as exports, imports, balance of goods and services had a key impact on this. It is revealed that the importance of the EU trade partnership for Russia has decreased, while the value of goods supplied to the EU has increased. The analysis reveals that the increase in the value of exports was influenced by two factors: a decline in the volume of shipments and an increase in the prices of major imported commodity groups. As trade relations with the EU countries are rapidly losing their importance for Russia, it started developing alternative ways of exchanging goods with other countries of the world.

Keywords: foreign trade, exports, imports, sanctions, foreign trade transactions.

JEL: F10.

EDN: WMGUSN

DOI: https://doi.org/10.52180/2073-6487_2023_2_131_148

References

  1. Garber M.E., Peck T., Howell K.L. Understanding Asymmetries Between BEA’s and Partner Countries’ Trade Statistics // Survey of Current Business. 2018. 98(2).
  2. Ushkalova D.I. Foreign trade in Russia under sanctions pressure // Journal of the New Economic Association. 2022. № 3 (55). С. 218–226. DOI: 10.31737/2221–2264–2022-55-3-14. (In Russ.).
  3. Kononenko D.S. Foreign trade in Russia under the influence of sanctions: problems and prospects // Best Research Paper 2021. 2022. Pp. 65–71. (In Russ.).
  4. Kazantsev S.V. Reaction to the anti-Russian sanctions: the consequences of reducing the volume of foreign trade and the growth of production in the Russian Federation // The World of New Economy. 2022. 16(4). Pp. 34–44. https://DOI.org/10.26794/2220-6469-2022-16-4-34-44. (In Russ.).
  5. Budarina N.A., Nenadyshina T.S. Foreign trade in Russia: trends and prospects of development // Russian Foreign Economic Herald. 2022. No. 6. Pp. 7–24. DOI: 10.1024412/2072-8042-2022-5-7-24. (In Russ.).
  6. Afasaliev A.A. Forecast of the values of the main indicators of foreign trade in the formation of a limited open economy of Russia // Economic Relations. 2022. Vol. 12. 4. Pp. 635–650. DOI: 10.18334/eo.12.4.115163. (In Russ.).
  7. Mikhailova I.P., Stepanov E.A., Fedina E.В. Foreign trade of RF in the conditions of sanctions pressure: analysis of commodity flows taking into account changes in the geopolitical landscape // Innovations and Investments. 2022. No. 8. Pp. 128–132. (In Russ.).
  8. Kulagovskaya T.A., Grigoryev D.S., Levchenko V.A., Shapovalova A.V. Assessment of the Impact of Sanctions on Foreign Economic Activity of the Russian Federation. // Vestnik (Herald) of North Caucasus Federal University. 2022. 1(5). Рp. 91–102. https://doi.org/10.37493/2307-907X.2022.5.9. (In Russ.).
  9. Gonzalez V., Belleott R. Russia’s Foreign Economic Relations with Major Latin American Partners in the Context of Anti-Russian Sanctions // Ibero-American Notebooks. 2022. 10(3) Рp. 109–122. https://doi.org/10.46272/2409-3416-2022-10-3-109-122. (In Russ.).
  10. Narbut V.V., Tolmachev M.N., Schneider O.V. Russian exports and imports: bilateral asymmetry in the statistics of trading partners // Bulletin of Kazan State Agrarian University. 2022. Vol. 17. No. 3 (67). Pp. 154–162. DOI: 10.12737/2073-0462-2022-154-162. (In Russ.).

Manuscript submission date: 04.03.2023 

For citation:

Narbut V.V., Shpakovskaya E.P. Russia's foreign trade trends under sanctions // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2023. № 2. Pp. 131-148. (In Russ.). https://doi.org/10.52180/2073-6487_2023_2_131_148 EDN: WMGUSN

  Creative Commons 4.0

© Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk, 2021 - 2024

32, Nakhimovskiy Prospekt, Moscow, Russia 117218, Institute of Economics of the Russian Academy of Sciences.

Phone.: +7 (499) 724-13-91, E-mail: vestnik-ieran@inbox.ru