Foreign Trade Potential of Vladimir Region Under Sanctions

Abstract

Current economic sanctions are an important instrument of foreign trade policy. Generally, sanctions are passed for some definite term, but they can affect the economy of the region for a long period of time. Many negative consequences (the reduction in Gross Regional Product, job cut, decrease of foreign trade relations) come out during the time. Sanctions are lifted more slowly than they are imposed. In the modern world, there is a tendency to strengthen economic sanctions. One of the main reasons for this is the globalization of international economic processes, which are characterized by a growing scale of integration of markets for goods and services and capital. The stable and stable position of the state and, as a consequence, the region is determined by the level of their economic development. Accordingly, the introduction of restrictions and prohibitions on economic ties may adversely affect the normal functioning of the country and regions. The political and economic events that have taken place in the world have an ambiguous effect on the economy of the region and the country as a whole. Some Western countries have introduced economic sanctions against our country. Our country has taken protective response measures. The article presents an analysis of the foreign trade potential of the Vladimir region under the sanctions. A classification of sanctions is proposed, including all the key instruments of influence on states and regions, trends and features of the formation of world experience in the application of sanctions policy are shown. A comprehensive analysis of the foreign trade activity of the Vladimir region in the period 2014-2020 is carried out; this is the basis for identifying problems that have arisen as a result of the imposition of sanctions by Western European countries and the United States. On the issues identified, directions for the development of the foreign trade potential of the Vladimir region in the context of sanctions are proposed. Keywords—sanctions, foreign trade potential, Vladimir Region, import substitution