Study On The Impact Of Western Economic Sanctions On Russian Export Trade

Russia is one of the largest exporters in the world.After the collapse of the Soviet Union in 1991,Russia declared its independence,the government began to implement policies to improve its economy.Although the speed of economic restructuring slowed down during Yeltsin's reign,such reform has caused great changes in Russia's export structure,mainly reflected in the growth of the proportion of raw materials and fuel primary products in total exports.This also means that the economic model dominated by oil and gas has become a trend.At the beginning of Russia's independence,Russia's export trade scale also achieved good results.The expansion of export scale has increased the proportion of Russian merchandise exports in the total world merchandise exports and increased the ranking of Russian exports in world merchandise exports.In the 1990 s,Russia's largest trading partner was the EU,and its economic cooperation with the EU has always maintained a good momentum.At that time,Russia's export trade to the EU was very stable.Data show that the Russian Federation's oil and gas export trade income to the EU accounts for 45% of the total Russian Federation's oil and gas export trade income.Due to the crisis in Ukraine,the United States and the European Union imposed economic sanctions on Russia in 2014.These economic sanctions have had a tremendous impact on Russia's export trade.Russia's export trade structure faces many imbalances mentioned below in the face of western economic sanctions: Russia's export structure is more unitary,the scale of export trade has dropped significantly,and bilateral trade relations between Russia and Europe have deteriorated.In response to Western economic sanctions,Russia needs a series of economic reforms.First,we should improve the export structure.At present,Russia's economy is over-reliant on energy exports.Although energy products can bring huge incomes,they are less relevant to other economic industries and offer fewer jobs.Then Russia should speed up industrial optimization and upgrading in technology and encourage enterprises to innovate independently.At the same time,Russia should strengthen trade relations with BRICS countries.At present,the Russian government has begun to establish good trade relations with Asian countries.In order to achieve a better economic trend in Siberia and the Far East,Russia should further improve and deepen its cooperation with BRICS countries.