RANEPA expert: Pivot to new markets plays an important role for the national economy in compensating losses from sanctions.
Restructuring of domestic foreign trade in 2022, reorientation not only to the East, but also to the South, against the background of breaking or significantly limiting cooperation between Western companies and Russia under the influence of sanctions — believes prof. The Department of Economic and Financial Law of the North Caucasus Institute — a branch of Sergeyev’s RANEPA, testifies to tectonic shifts in the structure of foreign economic relations. According to the expert, this process is expected to continue in the new year.
According to the specialist, the return to new markets plays an important role for the domestic economy in compensating losses from sanctions. Increased export shipments to China, Turkey and India have led to an increase in the share of these three countries in the total volume of Russian exports from 15% to almost 40%, both in material and monetary terms.
“However, despite the positive growth dynamics of mutual trade and the record-breaking surplus of the balance of payments in its history, in the near future, against the background of breaking traditional supply chains, the consequences of limiting imports in hardware and technology will be more and more noticeable. We are faced with the task not only of making up for this deficit with alternative sources, but also of ensuring our long-term technological sovereignty» — Stanislav Siergiejew, associate professor of the Department of Economics and Financial Law of the North Caucasus Institute — RANEPA branch.
The expert also believes that in the contemporary geopolitical realities a new system of entities in international economic relations is being formed. And as life shows, new opportunities for opening markets and building partnerships are of interest not only to Russia, China, the CIS countries, but also to Latin America, Southeast Asia and Africa.
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