DOI: https://doi.org/10.36719/2663-4619/114/133-139
Zaman Gambarov
BESAN Food Industry and Trade Joint Stock Company
Branch in the Republic of Azerbaijan
https://orcid.org/0009-0001-3638-2472
gambarov.zaman@gmail.com
The Issues of the Impact of Sanctions on the Country`s Economy in
Economic Regulation: In the Example of Russia
Abstract
The presented study covers the impact of economic sanctions imposed on Russia on the economy, social life and foreign exchange market of this country. The sanctions were mainly directed to the energy, financial and manufacturing sectors, and led to a decrease in the share of exports and imports in the country's GDP, a depreciation of the ruble, inflation and a weakening of investment flows. Restricting access to foreign technologies had a negative impact on the quality and competitiveness of local production. At the same time, an increase in unemployment, deepening social problems and a decrease in the standard of living of the population were observed. Although the Russian government encouraged domestic production and access to new markets to minimize these effects, but the long-term sustainability of these approaches is questionable. Overall, sanctions have seriously affected Russia's position in the global system, undermining not only the economy, but also the social and psychological structure of society.
Keywords: Economic regulation, Russian economy, sanctions, economic factors, economic impacts