Trade and economic relations of the Russian Federation in modern conditions

¹ Vladimir State University, 600000, st. Gorky, 87, Vladimir, Russia
² Vyborg branch of the Russian Academy of National Economy and Public Administration under the President of the Russian Federation, 188800, Leningradsky prospect, 11, Leningrad region, Vyborg, Russia
³ Russian academy of national economy and public administration under the president of the Russian Federation, 119571, Prospekt Vernadskogo, 84, Moscow, Russia
⁴ Russian customs academy, 140009, Komsomolsky prospect, 4, Moscow region, Lyubertsy, Russia

^* Corresponding author: il_aks@mail.ru

Abstract

This article provides a comprehensive analysis of Russia’s trade and economic relations in modern conditions. The study analyzes the country’s major trade partners, domestic economic policies, challenges, and opportunities for expanding economic ties with other regions. The analysis is based on a range of primary and secondary sources, including statistical data, government reports, and academic research. Our study finds that Russia’s major trade partners are the EU, China, the US, and other countries in Asia and the Middle East. We provide a detailed analysis of the trade relations with these countries, including their major exports and imports. We also examine Russia’s domestic economic policies, including its focus on diversifying its economy away from its reliance on oil and gas exports. However, the COVID-19 pandemic and sanctions by the EU and the US have presented significant challenges for Russia’s trade and economic relations. We analyze the impact of these factors on the country’s economy and trade, including its effect on various industries and sectors. Despite these challenges, we highlight the opportunities for Russia to expand its economic ties with other regions, particularly in Asia and the Middle East. We provide examples of Russia’s efforts to establish new partnerships with these regions and analyze the potential for future growth in these areas. The study emphasizes the importance of a comprehensive approach to understanding Russia’s trade and economic relations in modern conditions. Our findings suggest that while Russia faces significant challenges in the short term, the country’s long-term prospects remain positive, particularly in expanding its economic ties with other regions and diversifying its economy.