Sanctions as new economic reality: opportunities for regional development

The problem of economic sanctions as an instrument of the foreign policy of the state is studied in the article. Modern trends of economic sanctions’ usage in contemporary international relations are also considered: multiplication of goals, comparable inefficiency, and a shift from trade sanction to financial sanctions. The author concludes that economic sanctions are a rather questionable instrument of the countries’ international policy. The article discusses multiple sanctions implemented by Western countries against Russia due to the situation in the South-East of Ukraine and a response reaction of Russia - product embargo. In the concluding part of the article, the author analyzes cumulative effects that mutual sanctions can have on the regional economy. The article studies arising opportunities for the economic development of the Republic under new circumstances. Special attention is paid to the fishing industry of Karelia.