Russia should oppose import substitution and innovation to western sanctions

Recently, Russia has faced strong sanctions pressure from the United States and its allies. The consequences of sanctions can be very severe if urgent and effective measures are not taken by the state and the business community. Based on theoretical and statistical information, the article examines the impact of sanctions on the state of the economic environment, identifies the specifics of the “new realities” that have been developing recently, and offers a look at the measures that need to be taken to overcome negative trends. The opinion is expressed that the current situation should be used for a significant technological breakthrough based on import substitution, activation of innovation and digital transformation of the economy. It is concluded that the sanctions force the Government of the Russian Federation to dramatically transform its economic policy, which should be based on self-reliance. The main thing that needs to be ensured is the acceleration of the pace of creation and implementation of innovative projects. Growing your innovations becomes not only financially profitable, but also simply vital. It is necessary to revise the budget policy of the state, focusing the main financial support to science, which can create advanced technologies and actively ensure import substitution.