{"title":"Measures to Neutralize the Consequences of Sanctions Against Russia at the Federal and Regional Levels","authors":"S. Alikhani","doi":"10.21686/2073-1051-2022-1-150-161","DOIUrl":null,"url":null,"abstract":"The Russian ruble depreciated sharply in 2014 after the US embargo was imposed, in just one day it lost 19% of its value, which was the biggest daily drop in the previous 16 years. Inflation has reached a three-year high. The reasons for the sharp decline in the indicators of the Russian economy were the factors of a sharp drop in oil prices, sanctions against the country and insufficient effective management. The article discusses Russia’s anti-sanctions actions at the federal and regional levels of government. It is concluded that the following measures have become the most effective in responding to sanctions: the introduction of import sanctions against countries subject to the embargo, reducing dependence on the dollar and euro in foreign trade (de-dollarization) by concluding bilateral currency agreements, changing export directions, introducing a national payment system, adopting import substitution plans within federal and regional policies, as well as a plan to support firms affected by sanctions. It is noted that the sanctions posed threats not only to the economy of Russia and its regions, but also to the economies of European countries and, ultimately, to the stability of the global financial system.","PeriodicalId":30952,"journal":{"name":"Perspectives on Federalism","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2022-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Perspectives on Federalism","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.21686/2073-1051-2022-1-150-161","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"Social Sciences","Score":null,"Total":0}
引用次数: 2
Abstract
The Russian ruble depreciated sharply in 2014 after the US embargo was imposed, in just one day it lost 19% of its value, which was the biggest daily drop in the previous 16 years. Inflation has reached a three-year high. The reasons for the sharp decline in the indicators of the Russian economy were the factors of a sharp drop in oil prices, sanctions against the country and insufficient effective management. The article discusses Russia’s anti-sanctions actions at the federal and regional levels of government. It is concluded that the following measures have become the most effective in responding to sanctions: the introduction of import sanctions against countries subject to the embargo, reducing dependence on the dollar and euro in foreign trade (de-dollarization) by concluding bilateral currency agreements, changing export directions, introducing a national payment system, adopting import substitution plans within federal and regional policies, as well as a plan to support firms affected by sanctions. It is noted that the sanctions posed threats not only to the economy of Russia and its regions, but also to the economies of European countries and, ultimately, to the stability of the global financial system.
期刊介绍:
Perspectives on Federalism is an Open Access peer-reviewed journal, promoted by the Centre for Studies on Federalism. This initiative follows the Bibliographical Bulletin on Federalism’s success, with an average of 15000 individual visits a month. Perspectives on Federalism aims at becoming a leading journal on the subject, and an open forum for interdisciplinary debate about federalism at all levels of government: sub-national, national, and supra-national at both regional and global levels. Perspectives on Federalism is divided into three sections. Along with essays and review articles, which are common to all academic journal, it will also publish very short notes to provide information and updated comments about political, economic and legal issues in federal states, regional organizations, and international organizations at global level, whenever they are relevant to scholars of federalism. We hope scholars from around the world will contribute to this initiative, and we have provided a simple and immediate way to submit an essay, a review article or a note. Perspectives on Federalism will publish original contributions from different disciplinary viewpoints as the subject of federalism requires. Papers submitted will undergo a process of double blind review before eventually being accepted for publication.