This essay is about the Russia’s economic reaction to confront Western sanctions.
The first sanctions because of Russia’s role in the Ukraine crisis were imposed in March 2014 by the US and the EU in a coordinated manner. This Essay wants to evaluate the Russian counteractions to these Western measures. Therefor the Russian countersanctions will be analyzed briefly, however the focus will be on domestic policy shifts in the Russian economic policy concerning the Finance Sector, the Energy and Defense Industry as the general economy. The essay will conclude with a categorization of the applied measures, a summary, and an outlook.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- The Russian Counteractions to Western Sanctions
- Counter-sanctions
- Policy Shifts in the Russian Economy
- Energy Industry
- Defense Industry
- Financial Sector
- General Economy
- Categorization of Applied Measures
- Securitization of Economic Policy
- Import Substitution
- Diversification of Foreign Economic Relations
- Conclusion and Outlook
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This essay aims to analyze the Russian counteractions to Western sanctions imposed in response to Russia's role in the Ukraine crisis. The focus will be on domestic policy shifts in the Russian economic policy concerning the Finance Sector, the Energy and Defense Industry as well as the general economy.
- Russian Counter-sanctions
- Domestic Policy Shifts in the Russian Economy
- Securitization of Economic Policy
- Import Substitution
- Diversification of Foreign Economic Relations
Zusammenfassung der Kapitel (Chapter Summaries)
The essay begins by outlining the escalating sanctions imposed by the US and EU on Russia, highlighting the multi-speed model of sanctions and the increasing impact on the Russian economy. It then explores the direct counter-sanctions implemented by Russia, primarily targeting the agricultural sector.
The following sections delve into the specific policy shifts within key sectors of the Russian economy. The analysis covers changes in the energy sector, including increased trade with non-Western countries and efforts to strengthen control over the industry. The defense industry saw a strong commitment to military strengthening, including resource allocation and the development of domestic production facilities. The financial sector witnessed a shift from dependence on Western capital to domestic and state-controlled sources, as well as investments from non-Western countries.
The essay concludes by examining the broader economic measures employed by the Russian government. It identifies three key methods: securitization of economic policy, import substitution, and diversification of foreign economic relations. These strategies are discussed in detail, highlighting their impact on various sectors of the Russian economy.
Schlüsselwörter (Keywords)
The primary focus of this essay lies on Russian economic policy responses to Western sanctions. Key terms and concepts include: sanctions, counter-sanctions, securitization of economic policy, import substitution, diversification of foreign economic relations, energy industry, defense industry, financial sector, general economy, Russia, West, Ukraine crisis.
- Quote paper
- Florian Hertle (Author), 2020, Russia’s economic reaction to confront Western sanctions, Munich, GRIN Verlag, https://www.grin.com/document/1000717
