Open AccessMeasures to Neutralize the Consequences of Sanctions Against Russia at the Federal and Regional Levels
Author(s) -
С. Алихани
Publication year - 2022
Publication title -
federalizm
Language(s) - English
Resource type - Journals
ISSN - 2073-1051
DOI - 10.21686/2073-1051-2022-1-150-161
Subject(s) - sanctions , liberian dollar , currency , currency substitution , payment , value (mathematics) , russian economy , inflation (cosmology) , international economics , business , economics , economic policy , international trade , political science , monetary economics , finance , law , economic system , devaluation , physics , machine learning , theoretical physics , computer science
Th eRussian ruble depreciated sharply in 2014 after the US embargo was imposed, in justone day it lost 19% of its value, which was the biggest daily drop in the previous 16 years.Inflation has reached a three-year high. The reasons for the sharp decline in the indicatorsof the Russian economy were the factors of a sharp drop in oil prices, sanctions against theco untry and insufficient effective management. The article discusses Russia’s anti-sanctionsactions at the federal and regional levels of government. It is concluded that the followingmea s u r e shaveb e co methem os teffe cti veinr e spo ndin gt os an ctio n s:theint ro du ctio nof importsanctions against countries subject to the embargo, reducing dependence on the dollar andeu roinf oreig ntrade (de-dollarization) by concluding bilateral currency agreements, changinge xport directions, introducing a national payment system, adopting import substitution plansw i thin federal and regional policies, as well as a plan to support firms affected by sanctions.It is noted that the sanctions posed threats not only to the economy of Russia and its regions,b ut also to the economies of European countries and, ultimately, to the stability of the globalfinancial system.