Changing the vector of Russia’s foreign economic activity in the context of growing anti-Russian sanctions

The article examines the change in  the direction of   foreign economic activity (hereinafter referred to  as FEA) of   the Russian Federation (hereinafter referred to  as RF, Russia) in   the current conditions of  growing anti-Russian sanctions. The relevance of   the study lies in  assessing transformations in  the FEA vector of   Russia in  the context of   expansion of  these sanctions, initially introduced in   2014, and their strengthening after the start of   the special military operation in  Ukraine in  2022. The purpose of   the article is   to explore causes, directions, and consequences of  the changing vector amid the growing restrictions. The subject of  the study is   current directions of   the FEA and their transformation under the influence of   the anti-Russian sanctions. The objectives of  the article include: analysis of  the present Russian FEA vectors; consideration of  factors determining their change; modern trends in   the foreign trade activities of   the RF; assessment of   promising directions of   the transformation in   the Russian FEA; assessment of   the impact of   the anti-Russian sanctions on  the structure and vectors of   Russia’s foreign trade activities; influence of   the restrictions on   the country’s banking sector. The study is  based on   the analysis of   the legislative framework on   the Russian FEA, relevant publications on  the FEA and statistical information from the Federal Customs Service of   the RF. The article considers the main provisions of   the modern regulatory framework governing the FEA, foreign trade turn-over of   Russia with friendly and unfriendly countries. In  conclusion, the article notes the process of   transformation of  the Russian FEA which consists of   its reorientation to   states that did not support sanctions against Russia and further development of   foreign economic relations with the countries of   the Eurasian Economic Union, Shanghai Cooperation Organisation, BRICS (Brazil, Russia, India, China, South Africa), and other friendly states.

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