The policy of import substitution and reindustrialization in terms of sanctions

The article deals with the impact of US economic sanctions on the Russia’s economic policy. The authors conclude that it is necessary to reindustrialize the Russian economy with government support: through targeted programs at the Federal and regional levels. Due to the growing economic sanctions, the policy of import substitution becomes extremely relevant. Orientation to the raw material economy led to a noticeable import dependence, to the fact that the domestic industry was unable to compete with foreign goods, both in the external and domestic market. As a result, the import component in production and consumption became predominant. It is shown that the economic situation in Russia today is that, that import substitution is necessary in several key industries. At the same time, in some segments, the corresponding process can take place under more or less market conditions, in others, Russian producers will have advantages due to the administrative factor. Import substitution in Russia is likely to occur under both scenarios, depending on the specific industry...