Russia’s foreign economic cooperation in the context of sanctions: new features

Abstract

Introduction. In the context of unprecedented sanctions pressure on the Russian economy, due to the restraint of economic growth by unfriendly countries, foreign economic cooperation is actively continuing through participation in international organizations.

Goal. The article aims problems and prospects of Russia’s foreign economic cooperation in the context of sanctions pressure.

Materials and methods. The study is based on an analysis of the prospects for foreign economic cooperation before and after the imposition of sanctions, a comparison of the main directions of development of the branches of the Russian economy, the possibilities of interaction within international organizations in order to neutralize the negative impact of sanctions are considered. The methodological basis of the study was the works of domestic and foreign economists in the field of foreign economic relations.

Results and discussion. In the course of the work, it was found that the negative impact of sanctions on the economy simultaneously creates new opportunities for its transformation and development in the context of foreign economic cooperation in new formats. In turn, customs regulation, being an integral part of foreign economic policy, contributes to the creation of favorable conditions for the development of Russian foreign trade relations. Promising directions for the development of the Russian economy in the medium term are highlighted.

Conclusion. According to the results of the conducted research, it can be concluded that even under sanctions pressure, the Russian Federation actively participates in the activities of international economic organizations. At this stage, there are many projects that are being implemented at the global level within the framework of cooperation with other countries and international organizations. Russia continues to strengthen its relations with its partners and actively participates in the creation of fair and sustainable international relations in accordance with the set goals and objectives.