Own Goods, New Markets
Russia’s Adjustment to Western Sanctions
Deutsche Fassung
Abstract
Since the introduction of Western restrictions, Russia has been trying to produce blocked goods itself and reduce its dependence on the US dollar as a trading currency. Both programs have thus far met only with moderate success. Moreover, they have increased the role of the state and exacerbated old maladies within the national economy. Nonetheless, Russia is defying the sanctions thanks to substantial foreign exchange reserves and low public debt. Increasing cooperation with China, India, and other countries in East and South Asia is also softening the impact of the sanctions. From this region, Russia is obtaining missing components and capital for energy projects. Asia also plays an important role as a market for selling oil and gas, as well as armaments.
(Osteuropa, 10-12/2021, pp. 221–234)