Restructuring of Russia’s foreign economic activity under sanctions: challenges and opportunities

The article analyzes the current state of Russia's foreign economic indicators based on the data of the balance of payments of the Bank of Russia for January-October 2023 in comparison with the same period of 2022 under the conditions of increased sanctions pressure. The factors determining the scenarios according to the model of “resistance economy” are singled out and the factors ensuring the stability of the Russian economy in the near future are shown, the discussion on the prospects of its development is assessed. It is concluded that the restructuring of Russia's foreign economic activity under sanctions presents complex challenges, but also opens new opportunities for the development and diversification of the economy. Russia can use strategies such as export diversification, domestic market development, investment attraction, strengthening of the national currency and development of technological potential to successfully overcome the sanctions and ensure sustainable economic growth in the period from 2024 to 2027. It is important to note that sanctions can stimulate the development of Russia's domestic market. Strengthening domestic consumption and the development of domestic producers can reduce dependence on imports and strengthen the country's economy. In this case, an important role is played by strengthening the national currency, based on the development of the financial market and attracting foreign investors.