Transformation of Foreign Trade Business Strategies in the Face of Sanctions Pressure

Abstract

The pandemic caused by the SARS-CoV-2 coronavirus (COVID-19) has not only led to economic stagnation, border closures and a serious reduction in cross-border activities, but has also effectively paralyzed international trade ties. In addition, the pandemic clearly showed that the world trading system was clearly not ready for such a global crisis. If by the end of 2021 – by the beginning of 2022, there were some positive trends, then the extremely aggravated international geopolitical situation (due to the special military operation conducted by the Russian Federation in Ukraine) had a significant impact on world trade and foreign economic activity of states, including Russia. The purpose of the study: analysis of the consequences of the COVID-19 pandemic and foreign economic sanctions on Russiaʼs foreign trade activities, determination of their likely consequences on the domestic economy. The objectives of the study are to identify trends and trends in the development of world trade and foreign trade activity of Russia over the past decade, to analyze the main factors determining the peculiarities of its development at the present time. Research methods: dialectical method, analysis, comparative analysis, graphical and tabular methods. The results of the study: the main factors affecting Russiaʼs international and foreign trade are highlighted (the pandemic, the growth of protectionist foreign trade restrictions and sanctions, the digitalization of the economy, the development of new production technologies). It is concluded that non-compliance with the rules of freedom and liberalization leads to the collapse of the international trading system and the development of regionalization processes.