Sanctions pressure against Russia may increase in 2023-2024, expert says
Yaroslav Kuzminov, coordinator of the Expert Council under the Government of the Russian Federation, recommended protecting the economy from extreme loads.
The sanctions pressure against Russia may increase in 2023-2024, says Yaroslav Kuzminov, lead researcher at the HSE University and coordinator of the Russian government expert council. The economist recommends protecting the economy against extreme stresses.
"In 2023-2024, we can expect an increase in sanctions pressure and development of secondary sanctions instruments. This will require an efficient adaptation policy, which will be aimed at understanding the final calibration of available instruments," he said during Prime Minister Mikhail Mishustin’s meeting with the expert council.
Kuzminov noted that Russian business is used to working amid high uncertainty and accumulated a stockpile of goods, which allows it to counter sanctions.
"We must not consider that the sustainability of the economy is limitless; we must see such critical limits very clearly and understand the mechanism that slow down the movement towards them," he added.
According to the expert, it is necessary to pay special attention to development of a long-time import replacement strategy, as well as to creation of a favorable environment for emergence and development of highly qualified specialist. He noted that old production is expanding and new production is being created in Russia for hundreds of goods, production capabilities are being upgraded.
"This is not the way towards natural economy, total self-sufficiency. It is impossible to do in any country in the modern world. Thousands of specific products are being produced by two or three producers working for the entire world. However, relocation to national turf of only 10% of the goods spectrum will provide a huge enrichment of economy structure, not to mention making us less dependable on the countries that have become our opponents," Kuzminov said, adding that it is equally as important to find a correct balance between self-sufficiency and reliance on external markets.
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The sanctions pressure against Russia may increase in 2023-2024, says Yaroslav Kuzminov, lead researcher at the HSE University and coordinator of the Russian government expert council. The economist recommends protecting the economy against extreme stresses.
"In 2023-2024, we can expect an increase in sanctions pressure and development of secondary sanctions instruments. This will require an efficient adaptation policy, which will be aimed at understanding the final calibration of available instruments," he said during Prime Minister Mikhail Mishustin’s meeting with the expert council.
Kuzminov noted that Russian business is used to working amid high uncertainty and accumulated a stockpile of goods, which allows it to counter sanctions.
"We must not consider that the sustainability of the economy is limitless; we must see such critical limits very clearly and understand the mechanism that slow down the movement towards them," he added.
According to the expert, it is necessary to pay special attention to development of a long-time import replacement strategy, as well as to creation of a favorable environment for emergence and development of highly qualified specialist. He noted that old production is expanding and new production is being created in Russia for hundreds of goods, production capabilities are being upgraded.
"This is not the way towards natural economy, total self-sufficiency. It is impossible to do in any country in the modern world. Thousands of specific products are being produced by two or three producers working for the entire world. However, relocation to national turf of only 10% of the goods spectrum will provide a huge enrichment of economy structure, not to mention making us less dependable on the countries that have become our opponents," Kuzminov said, adding that it is equally as important to find a correct balance between self-sufficiency and reliance on external markets.
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