RUSSIA'S FOREIGN TRADE TRENDS UNDER SANCTIONS

Abstract

The purpose of this study is to assess the development of Russia's foreign trade after the sanctions imposed. It has been found that the results of foreign economic activity in 2022 was an unprecedentedly high current account value of the balance of payments. Such aggregates as exports, imports, balance of goods and services had a key impact on this. It is revealed that the importance of the EU trade partnership for Russia has decreased, while the value of goods supplied to the EU has increased. The analysis reveals that the increase in the value of exports was influenced by two factors: a decline in the volume of shipments and an increase in the prices of major imported commodity groups. As trade relations with the EU countries are rapidly losing their importance for Russia, it started developing alternative ways of exchanging goods with other countries of the world.