Ushkalova D.I. RUSSIA'S FOREIGN TRADE: PRELIMINARY RESULTS OF THE SECOND YEAR OF COUNTERACTION TO SANCTIONS PRESSURE

The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 6/2023. Economics and Management.

Darya I. Ushkalova

Cand. Sci. (Econ.), Cand. Sci. (Econ.), head of the Center for International Macroeconomics and International Economic Relations, Institute of Economics of the Russian Academy of Sciences, Moscow, Russia

ORCID: 000-0003-1517-4698

RUSSIA'S FOREIGN TRADE: PRELIMINARY RESULTS OF THE SECOND YEAR OF COUNTERACTION TO SANCTIONS PRESSURE

43-60

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Abstract

The article discusses the main trends in the development of Russia’s exports and imports in 2023 under an unprecedented sanctions regime. Having analyzed the dynamics of Russian exports in 2023, taking into account government policy measures to counteract the sanctions pressure (in particular, the price cap on Russian hydrocarbons) and the price situation on the world commodity markets, as well as the dynamics of Russian imports, the author concludes that the domestic foreign trade is highly adaptable to modern realities and relatively resistant to sanctions pressure, partly due to the fact that the "big-country trap" factor is still effective. She formulates proposals to improve state policy measures for the sustainable development of Russia's foreign trade.

Keywords: sanctions against Russia, Russia's exports and imports, world prices, world commodity markets.

JEL: F51, F13, F14, F42

EDN: DVZHYT

DOI: https://doi.org/10.52180/2073-6487_2023_6_43_60

References

Ushkalova D.I. Anti-Russian sanctions and Russian exports in 2022: risks and prospects // Bulletin of the Institute of Economics of the Russian Academy of Sciences. 2022. No. 6. pp. 34–51. (In Russ.).
Ushkalova D.I. Foreign trade of Russia under sanctions pressure // Journal of the New Economic Association. No. 3 (55). pp. 218–226. DOI: 10.31737/2221-2264-2022-55-3-14. (In Russ.).
World Economic Outlook: Navigating Global Divergences. October 2023. IMF, Washington DC, 2023. https://www.imf.org/en/Publications/WEO/Issues/2023/10/10/world-economic-outlook-october-2023?cid=ca-com- compd-pubs_belt
OPEC Monthly Oil Market Report, November, 2023. https://momr.opec.org/pdfdownload/
Oil 2023: Analysis and forecast to 2028. International Energy Agency, 2023. https://iea.blob.core.windows.net/assets/cc7fd38f-3d68-4796-a958-8dfa3f3ef4a6/Oil2023.pdf
Commodity Markets Outlook: Under the Shadow of Geopolitical Risks, October 2023. World Bank, Washington, DC. 2023. https://openknowledge.worldbank.org/server/api/core/bitstreams/27189ca2-d947-4ca2-8e3f-a36b3b5bf4ba/content

Manuscript submission date: 31.10.2023

For citation:

Ushkalova D.I. Russia’s foreign trade: preliminary results of the second year of counteraction to sanctions pressure // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2023. №. 6 Pp. 43-60. (In Russ.). https://doi.org/10.52180/2073-6487_2023_6_43_60 EDN: DVZHYT

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