On Mitigation Measures of the Social and Economic Consequences Following Sanctions Imposed by “Unfriendly” Countries on Russia in 2022

Abstract

The article considers a set of measures to mitigate the socio-economic consequences of the sanctions imposed by “unfriendly” countries, which can enable the transition of the Russian economy to sustainable and accelerating socio-economic growth, as well as organic inclusion in the global world system. To achieve this, it is necessary to secure a significant reduction or mitigation, and the complete elimination of sanctions afterwards. The advancement of the country should be carried out by increasing labor productivity, energy saving, reducing the material intensity of GDP and expanding the contribution from capital investment. It is noted that a serious weakness in the new Russia is the inefficient structure of its economy, the extremely low share of innovative high-tech industries with the predominance of traditional production of fuel and energy resources, raw materials and supplies, as well as the demographic catastrophe related to the crisis from the coronavirus pandemic. The author proposes effective measures to overcome the backlog from the advanced countries of the world while prioritizing the improvement of the living standards of Russian citizens.