Analysis of economic and political consequences of the sanctions against Russia, analysis of the dependence of different economy sectors of this country on imports and the possibility of its substitution by domestic products is an important task. In this connection we study the economic situation of the regions of the Russian Federation under the conditions of Western sanctions on the formation import substitution. At present import substitution is the indicator of technological progress in Russia which is one of the priorities of economic development in the near future. The examples of the negative impact of sanctions on the economy of Russia and Western countries are presented. First of all, sanctions imposed limit access of European and American investors to long-term debt instruments. Special attention is given to innovative development of Russia which largely depends on the effective implementation of its infrastructure transformation by establishing a system for the efficient reallocation of financial resources towards innovation programs, as well as the active participation of the credit institutions, investment companies, venture capital funds, mutual insurance companies. The timely measure is linking of innovative and regional policy of the development of the subjects with their own resources and investors, an attractive environment for foreign investment. Directions of the confrontation to sanctions are determined. Issues relating to economic sanctions are of particular importance in the present conditions where the interdependence of national economies is associated with formation of the economic space. The possible scenarios of domestic economic development are formulated. The discussed issues of import substitution at the present stage, including at the stage of the actions of Russian sanctions, should be applied for the reorientation of the regional economy and the restoration of the destroyed production in the 1990s.

economy sectors, regional economy, economic situation import substitution, actions of Russian sanctions

1. 1 Dumnova N. A., Lazarenko A. L., Soldatova M. A. Problems and prospects of development of regional economy under sanctions. Fundamental'nye issledovaniya [Basic research]. 2015. no. 2. pp. 2–13. (in Russian).

2. 2 Ivanova M. S. Problems and prospects of development of Russia in conditions of sanctions. Mir nauki [The world of science]. 2015. no. 1. pp. 2–8. (in Russian).

3. 3 Bagirova E. V. Modern problems of development of rural territories in Russia. Uspekhi sovremennoi nauki [The successes of modern science]. 2016. no. 8. pp. 58–61. (in Russian).

4. 4 Vasil'ev K. A. Small and medium business in agriculture of the region. Ekonomika i predprinimatel'stvo [Economics and entrepreneurship]. 2016. no. 5 (70). pp. 209–215. (in Russian).

5. 5 Mikhina Ya. V., Gorkovenko E. V. Food security of Russia in the period of sanctions: risks and threats. V mire nauki i innovatsii. Sbornik statei Mezhdunarodnoi nauchno-prakticheskoi konferentsii: v 3 chastyakh [In the world of science and innovation. Collection of articles of International scientific-practical conference in 3 parts]. 2016. pp. 129–132. (in Russian).

6. 6 Khurchak V. S. Modern state and prospects of import substitution in agriculture. Aktual'nye voprosy razvitiya sovremennogo obshchestva. Sbornik nauchnykh statei VI Mezhdunarodnoi nauchno-prakticheskoi konferentsii [Topical issues of development of modern society. Collection of scientific articles VI International scientific-practical conference]. 2016. pp. 337–339. (in Russian).

7. 7 Bezunov N. D., Ovchinnikova I. V. The growing problem of economic security of Russia in the period of economic crisis and sanctions from Western countries. Teoriya i praktika sovremennoi nauki [Theory and practice of modern science]. 2016. no. 4. pp. 121–126. (in Russian).

8. 8 Barkovskii A. N., Alabyan S. S., Morozenkova O. V. The effects of Western sanctions and Russian retaliatory sanctions. Rossiiskii vneshneekonomicheskii vestnik [Russian foreign economic proceedings]. 2015. V. 2. no. 9. pp. 3–9. (in Russian).

9. 9 Komov I. V. The impact of Western sanctions and retaliatory Russian sanctions on food market of Russia. Territorial'naya organizatsiya obshchestva i upravleniya v regionakh. Materialy Х Vserossiiskoi nauchno-prakticheskoi konferentsii s mezhdunarodnym uchastiem [Territorial organization of society and management in the regions. Materials of X all-Russian scientific-practical conference with international participation]. 2015. pp. 24–26. (in Russian).

10. 10 Bond, I., Odendahl, C., & Rankin, J. (2015). Frozen: The politics and economics of sanctions against Russia. Centre for European Reform. Retrieved April, 21, 2015.

11. 11Dolidze, Tatia. EU Sanctions Policy towards Russia: The Sanctioner-Sanctionee’s Game of Thrones. CEPS Working Document No. 402/January 2015. 2015.

12. 12Nelson, R. M. (2015). US Sanctions on Russia: Economic Implications. Current Politics and Economics of Russia, Eastern and Central Europe, 30(1/2), 187.

13. 13Oxenstierna, S., & Olsson, P. (2015). The economic sanctions against Russia.

14. 14Dudzińska, Kinga Iwona, et al. Sanctions and Russia. Eds. Jarosław Ćwiek-Karpowicz, and Stanislav Secrieru. Polski Instytut Spraw Międzynarodowych, 2015.