CC BY
9Analysis of the problems of import substitution in the national economy
Alexey V. Tebekin
Doctor of Technical Sciences, Doctor of Economics, Professor
Moscow State Institute of International Relations (University) of the Ministry of Foreign Affairs of Russia, Moscow, Russia E-mail: tebekin@gmail.com
Abstract. The paper analyzes the issues and prospects of solving the problems of import substitution in the national economy through the prism of modern trends of growing sanctions pressure on Russia, which significantly affects the technological sphere. Also paper analyzes the plans by sectoral import substitution of the Ministry of Industry and Trade. The work proposes the potential ways of solving import substitution problems of domestic processing industries.
Keywords: problem analysis, import substitution, national economy.
JEL codes: А10
For citation: Tebekin, A. V., (2021). Analysis of the problems of import substitution in the national economy. Journal of regional and international competitiveness, 3(2), 56. https://doi.org/10.52957/27821927_2022_2_56
DOI: 10.52957/27821927_2022_2_56
Introduction
The permanent increase of Western pressure on the national economy, as a part of the hybrid warfare against Russia that has been underway for years, requires significant mobilisation of the domestic economy in order to ensure its self-sufficiency and independence.
It should not be assumed that Western sanctions boomerang on Western economie, nor that Western partners are being replaced by Eastern ones. Only a strong national economy with globally competitive products will allow Russia to feel sustainable and independent in a wide range of geopolitical and economic changes.
At the same time, the cornerstone of the effective development of the domestic economy is solving the problem of import substitution, which predetermined the relevance of the topic of this study.
The purpose of this research is to analyze the issues and prospects of import substitution of the domestic economy in the current geopolitical and economic environment.
The methodological basis of the presented research was formed by well-known publications on the problems and prospects of import substitution of the domestic economy by Gribov (2022), Gustova (2022), Krivenko (2020), Reshetilo (2016), Ryabko (2022), Timoshenko (2022), Chromova (2022), Tsuhlo (2019), Tsygankov (2022), Shcherbina (2016) and many others, as well as the authors' developments in this research (Tebekin, 2015; 2016; 2020).
The plans by sectoral import substitution of the Russian Ministry of Industry and Trade provided the research theoretical base.
Main part
When analyzing the issues and prospects for solving the problem of import substitution in the domestic economy in the current geopolitical and economic conditions, at the first stage we analyzed the import substitution plans of the Russian Ministry of Industry and Trade for such industries as:
- Automotive Industry
- Civil Aircraft Construction
- Railway Machiner
- Consumer Goods Industry
- Forest-Industry Complex
© Alexey V. Tebekin, 2022 56
- Engineering for Food and Processing Industry
- Medical Industry
- Oil-and-Gas Machine Building
- Waste Management
- Production of Construction, Road, Communal, Forestry and Ground Aerodrome Equipment
- Building Materials Industry of Composite Materials (Composites) and Products
- Construction Materials Producing Industry (Products) and Construction Structures
- Manufacturing of Conventional Arms, Munitions and Special Chemicals
- Radio Electronic Industry
- Agricultural Engineering
- Socially Important Industries
- Machine Tool Industry
- Shipbuilding
- Heavy Machine Building
- Pharmaceutical Industry
- Chemical Industry
- Non-Ferrous Metallurgy
- Iron and Steel Metallurgy
- Power Engineering, Electrical and Cable Industry.
The results of the Russian Ministry of Industry and Trade's import substitution plans assessment for the industries above are presented in Table 1.
Table 1 - Results of substitution indicators assessment according to the Russian Ministry of Industry and Trade of the Russian Federation
Number of items Average share of domestic Average share of domestic products Average growth rate of import substitution by domestic products, % per year
Branch in the import substitution plan, percentage (%) products before implementation of import substitution plans, % expected as a result of the import substitution plan until 2024, %
Automotive Industry 103 39% 61% 8.8%
Civil Aircraft 32 2% 96.7% 37.9%
Construction
Railway Machinery 8 47% 62% 6%
Consumer Goods Industry 1 17% 25% 3.2%
Forest-Industry Complex 4 41% 49% 3.2%
Engineering for Food and 17 23% 47.5% 9.8%
Processing Industry
Medical Industry 24 25.5% 44.7% 7.7%
Oil-and-Gas Machine Building 139 14.9% 33.6% 7.5%
Waste Management 16 9.7% 46.2% 24.3%
Number of items Average share of domestic Average share of domestic products Average growth rate of import substitution by domestic products, % per year
Branch in the import substitution plan, percentage (%) products before implementation of import substitution plans, % expected as a result of the import substitution plan until 2024, %
Production of
Construction,
Road, Communal,
Forestry and Ground 37 20.9% 32.4% 4.6%
Aerodrome
Equipment
Building Materials Industry of Composite Materials 20 21.1% 66.1% 18%
(Composites) and Products
industry of
construction
materials 8 42.3% 85.6% 17.3%
(products) and
construction
structures
Construction
Materials
Producing Industry (Products) and 2 72.5% 97.5% 10%
Construction
Structures
Radio Electronic Industry 61 7.9% 49.0% 8.2%
Agricultural Engineering 57 10.1% 26.2% 6.0%
Socially Important Industries 10 28.2% 49.8% 8.6%
Machine Tool Industry 26 18.2% 28.9% 4.3%
Shipbuilding 86 28.7% 44.7% 6.4%
Heavy Machine Building 36 25.7% 49.7% 9.6%
Pharmaceutical Industry 65 1.9% 67.3% 26.2%
Chemical Industry 89 12.4% 58.4% 18.4%
Branch Number of items in the import substitution plan, percentage (%) Average share of domestic products before implementation of import substitution plans, % Average share of domestic products expected as a result of the import substitution plan until 2024, % Average growth rate of import substitution by domestic products, % per year
Non-Ferrous Metallurgy 26 29.4% 66.1% 14.7%
Iron and Steel Metallurgy 11 50.0% 66.0% 6.4%
Power Engineering, Electrical and Cable Industry 61 20.8% 56.3% 14.2%
Total 39.1 25% 54.5% 11.7%
Source: Sectoral import substitution plans of the Ministry of Industry and Trade of the Russian Federation, 2022
The analysis of the results of the import substitution indicators assessment according to the Russian Ministry of Industry and Trade (Table 1) allows to conclude the following.
Firstly, the largest number of items in the Russian Ministry of Industry and Trade's import substitution plans is in the Oil and Gas Engineering sector, indicating the previous focus of the domestic industry on the extractive industries.
Secondly, the Russian Ministry of Industry and Trade's import substitution plans do not actually include sectors of the sixth technological paradigm, including those based on nanotechnology, which obviously indicates these domestic industry sectors have not yet met the critical establishment parameters.
Thirdly, there should be noted the fairly low level of import substitution for the items in the plans of the Russian Ministry of Industry and Trade at the start of implementation of these plans - an average of 25% (see Table 1). At the same time, the lowest indicators in terms of the share of domestic products in the plans are demonstrated by such sectors as:
- Pharmaceutical Industry - 1.9%,
- Civil Aircraft Construction - 2.0%.
Fourthly, the average expected level of import substitution by 2024 by industry, as projected by the Russian Ministry of Industry and Trade, will be 54.5% (see Table 1), which means that import dependence issues will remain outstanding at 45.5%.
Fifth, the annual growth rate of import substitution in a number of sectors exceeds the initial one (before the implementation of the plans), including:
- Civil Aircraft Construction by 19 times;
- Pharmaceutical Industry by 13.8 time;
- Waste Management by 2.5 times,
- Chemical Industry by 1.5%;
- Radio Electronic Industry by 1.04 times.
Such indicators highlight certain questions for the organization and planning of import substitution processes for these industries. They include:
- if import substitution processes by industry can be implemented so quickly so that the annual growth rate of the import substitution rate exceeds the initial one (before the implementation of the plans), why has this challenge not been met in previous decades?
- If the import substitution issues by industries are indeed difficult to solve, how reasonable are the plans for an annual growth rate of import substitution higher than the initial one?
Sixth, serious concerns about the ability of the Russian Ministry of Industry and Trade's sectoral import substitution plans to achieve their targets by 2024 are caused by the absence of sufficient institutional and
market conditions in the domestic economy, including:
- improving the system of state management of industry;
- improving financial management conditions for industrial sectors (including direct and indirect levers of financial support);
- creating a favourable investment climate for domestic industries;
- stimulation of the development of domestic competition;
- etc.
Seventh, the most effective tool for increasing the efficiency of the issues of import substitution in the industries is the development and implementation of mechanisms for intensive stimulation of domestic competition development processes in the current challenging geopolitical and economic conditions of national economic.
Conclusions
Thus, the analysis of issues and prospects of solving the problem of import substitution in the domestic economy in the current geopolitical economic conditions was carried out for such sectors as: Automotive Industry, Civil Aircraft Construction, Railway Machinery, Consumer Goods Industry, Forest-Industry Complex, Engineering for Food and Processing Industry, Medical Industry, Oil-and-Gas Machine Building, Waste Management, Production of Construction, Road, Communal, Forestry and Ground Aerodrome Equipment, Building Materials Industry of Composite Materials (composites) and Products, Construction Materials Producing Industry (products) and Construction Structures, Manufacturing of Conventional Arms, Munitions and Special Chemicals, Radio Electronic Industry, Agricultural Engineering, Socially Important Industries, Machine Tool Industry, Shipbuilding, Heavy Machine Building, Pharmaceutical Industry, Chemical Industry, Non-ferrous Metallurgy, Iron and Steel Industry, Power Engineering, Electrical and Cable Industry.
The analysis of the results of the import substitution indicators' assessment by industry according to the sectoral import substitution plans of the Ministry of Industry and Trade of the Russian Federation (Table 1) allows us to conclude the following.
Firstly, the largest number of items in the Russian Ministry of Industry and Trade's import substitution plans is in the Oil and Gas Engineering sector, which indicates the previous focus of the domestic industry on the extractive industries.
Secondly, the Russian Ministry of Industry and Trade's import substitution plans do not actually include sectors of the sixth technological paradigm, including those based on nanotechnology, which obviously indicates these domestic industry sectors have not yet met the critical establishment parameters.
Thirdly, there should be noted the fairly low level of import substitution for the items in the plans of the Russian Ministry of Industry and Trade at the start of implementation of these plans - an average of 25%.
Fourthly, the average expected level of import substitution by 2024 by industry, as projected by the Russian Ministry of Industry and Trade, will be 54.5%, which means that import dependence issues will remain outstanding at 45.5%.
Fifth, the annual growth rate of import substitution in a number of sectors exceeds the initial one (before the implementation of the plans). Such indicators highlight certain questions for the organization and planning of import substitution processes for these industries.
Sixth, serious concerns about the ability of the Russian Ministry of Industry and Trade's sectoral import substitution plans to achieve their targets by 2024 are caused by the absence of sufficient institutional and market conditions in the domestic economy, including: improving the system of state management of industry; improving the financial management conditions for industrial sectors (including direct and indirect levers of financial support); creating a favourable investment climate for domestic industries; stimulation of the development of domestic competition; etc.
Seventh, the most effective tool for increasing the efficiency of the issues of import substitution in the industries is the development and implementation of mechanisms for intensive stimulation of domestic
competition development processes in the current challenging geopolitical and economic conditions of national economic.
References
1. Regnum. (2022). Eastern Companies Are Already Coming to Russia Instead of Western Companies -Expert. Retrieved from https://regnum.ru/news/3568145.html? (in Russian).
2. Voronin, Yu. (2022). Only an Economic Mobilisation Can Keep Russia Safe from the West. Retrieved from https://newizv.ru/article/general/11-05-2022/yuriy-voronin-tolko-mobilizatsiya-ekonomiki-sposob-na-uberech-rossiyu-ot-zapada? (in Russian).
3. Gribov, M. (2022). Import Substitution in IT: Digital Transformation in Russian Software. Retrieved from https://rb.ru/opinion/importozameshenie-v-it/?ysclid=l3aewq0f5k (in Russian).
4. Gustova, N. (2022) How Import Substitution Will Affect the Timing and Cost of Housing. Retrieved from https://realty.rbc.ru/news/627ca82a9a7947e7150513b6? (in Russian).
5. Krivenko, N. V. (2020). Problems of Import Substitution in the Russian Economy. Rossiya: tendencii i perspektivy razvitiya. Materialy XIX Nacional'noj nauchnoj konferencii s mezhdunarodnym uchastiem «Mod-ernizaciya Rossii: prioritety, problemy, resheniya, Moskva, 18-19 dekabrya 2019 goda». M.: Izdatel'stvo INION RAN, 286-290 (in Russian).
6. FRPRF. (2022). Sectoral import substitution plans of the Ministry of Industry and Trade of the Russian Federation. Retrieved from https://frprf.ru/zaymy/prioritetnye-proekty/?docs=334 (in Russian).
7. FRPRF. (2021). Plan of measures for import substitution in the automotive industry of the Russian Federation. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 6th July 2021. N 2468. Retrieved from https://frprf.ru/download/plan-importozameshcheniya-v-atomobiilnoy-promysh-lennosti.pdf (in Russian).
8. FRPRF. (2021). Plan of measures for import substitution in the forest-industry complex of the Russian Federation. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 23rd July 2021. N2746. Retrieved from https://frprf.ru/download/plan-po-importozameshcheniyu-v-lesopromyshlen-nom-komplekse.pdf (in Russian).
9. FRPRF. (2021) Plan of measures for import substitution in the medical industry of the Russian Federation for the period up to 2024. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 20th August 2021. N 3273. Retrieved from https://frprf.ru/download/plan-po-importozameshcheni-yu-v-meditsinskoy-promyshlennosti.pdf (in Russian).
10. FRPRF. (2022). Plan of measures for import substitution in waste management in the russian federation, which includes equipment, including that applicable to eco-technoparks, for the period up to 2024. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 31st March 2022. N1163. Retrieved from https://frprf.ru/download/plan-po-importozameshcheniyu-v-otrasli-obrashcheniya-s-otkhodami.pdf (in Russian).
11. FRPRF. (2021). Plan of measures for import substitution in the civil aircraft construction of the Russian Federation. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 2nd August 2021. N 2914. Retrieved from https://frprf.ru/download/plan-importozameshcheniya-v-otrasli-grazh-danskogo-aviastroeniya.pdf (in Russian).
12. FRPRF. (2021). Plan of measures for import substitution in the railway machinery of the Russian Federation for the period up to 2024. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 6th July 2021. N2469. Retrieved from https://frprf.ru/download/plan-po-importozameshcheni-yu-v-transportnom-mashinostroenii.pdf (in Russian).
13. FRPRF. (2021). Plan of measures for import substitution in the engineering for food and processing industry of the Russian Federation for the period up to 2024. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 30th July 2021. N 2882. Retrieved from https://frprf.ru/download/ plan-po-importozameshcheniyu-v-mashinostroenii-dlya-pishchevoy-i-pererabatyvayushchey-promyshlen-nost.pdf (in Russian).
14. FRPRF. (2021). Plan of measures for import substitution in the oil-and-gas machine building of the Russian Federation for the period up to 2024. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 30th June 2021. N 2362. Retrieved from https://frprf.ru/download/plan-po-importo-zameshcheniyu-v-neftegazovom-mashinostroenii.pdf (in Russian).
15. FRPRF. (2021). Plan of measures for import substitution in the industry of construction, road, communal, forestry and ground aerodrome equipment of the Russian Federation for the period up to 2024. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 29th July 2021. N 2852. Retrieved from https://frprf.ru/download/plan-po-importozameshcheniyu-v-proizvodstve-stroitelno-dorozh-noy-kommunalnoy-i-nazemnoy-aerodromnoy-.pdf?ysclid=l4sbau5osl178852437 (in Russian).
16. FRPRF. (2021). Plan of measures for import substitution in the manufacturing of conventional arms, munitions and special chemicals of the Russian Federation for the period up to 2024. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 6th July 2021. N2472. Retrieved from https://frprf. ru/download/plan-po-importozameshcheniyu-v-promyshlennosti-obychnykh-vooruzheniy.pdf?ysclid=l4s-beynr5r48132056 (in Russian).
17. FRPRF. (2018). Plan of measures for import substitution in the radio electronic industry of the Russian Federation. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 31st May 2018. N 2102. Retrieved from https://frprf.ru/download/plan-po-importozameshcheniyu-v-radioelektron-noy-promyshlennosti.pdf?ysclid=l4sbgzlc9l630073825 (in Russian).
18. FRPRF. (2021). Plan of measures for import substitution in the agricultural engineering of the Russian Federation for the period up to 2024. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 30th July 2021. N 2881. Retrieved from https://frprf.ru/download/plan-importozameshcheni-ya-v-otrasli-lesnoy-i-selkhoz-tekhniki.pdf?ysclid=l4sbjlkupe812331163 (in Russian).
19. FRPRF. (2021). Plan of measures for import substitution in the heavy machine building of the Russian Federation for the period up to 2024. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 7th July 2021. N2486. Retrieved from https://frprf.ru/download/plan-po-importozameshcheni-yu-v-otrasli-tyazhelogo-mashinostroeniya.pdf?ysclid=l4sblmw33j91479996 (in Russian).
20. FRPRF. (2021). Plan of measures for import substitution in the pharmaceutical industry of the Russian Federation for the period up to 2024. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 20th July 2021. N2681. Retrieved from https://frprf.ru/download/plan-po-importozamesh-cheniyu-v-farmatsevticheskoy-promyshlennosti.pdf?ysclid=l4sbnfvn1u619193140 (in Russian).
21. FRPRF. (2021). Plan of measures for import substitution in the chemical industry of the Russian Federation. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 6th July 2021. N 2471. Retrieved from https://frprf.ru/download/plan-po-importozameshcheniyu-v-khimicheskoy-promysh-lennosti.pdf?ysclid=l4sbp395h1858714885 (in Russian).
22. FRPRF. (2021). Plan of measures for import substitution in the non-ferrous metallurgy of the Russian Federation. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 21st October 2021. N 4191. Retrieved from https://frprf.ru/download/plan-po-importozameshcheniyu-v-tsvetnoy-metal-lurgii.pdf?ysclid=l4sbqx0mr8973741500 (in Russian).
23. FRPRF. (2021). Plan of measures for import substitution in the iron and steel industry of the Russian Federation. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 15th July 2021. N 2611. Retrieved from https://frprf.ru/download/plan-po-importozameshcheniyu-v-chernoy-metallurgii. pdf (in Russian).
24. FRPRF. (2021). Plan of measures for import substitution in the power engineering, electrical and cable industry of the Russian Federation. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 02nd July 2021. N 2442. Retrieved from https://frprf.ru/download/plan-po-importozamesh-cheniyu-v-energeticheskom-mashinostroenii-elektrotekhnicheskoy-i-kabelnoy-promy.pdf (in Russian).
25. FRPRF. (2021). Plan of measures for import substitution in the industry of composite materials (composites) and their products of the Russian Federation for the period up to 2024. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 2nd July 2021. N 2423. Retrieved from https://frprf.ru/
download/plan-po-importozameshcheniyu-v-otrasli-kompozitnykh-materialov.pdf (in Russian).
26. FRPRF. (2021). Plan of measures for import substitution in the industry of construction materials (products) and construction structures of the Russian Federation for the period up to 2025. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 4th June 2021. N 2039. Retrieved from https://frprf.ru/download/plan-po-importozameshcheniyu-v-otrasli-stroitelnykh-materialov-izdeliy-i-stroi-telnykh-konstruktsiy.pdf (in Russian).
27. FRPRF. (2021). Plan of measures for import substitution in the socially important industry of the Russian Federation for the period up to 2024. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 2nd August 2021. N 2915. Retrieved from https://frprf.ru/download/plan-po-importo-zameshcheniyu-v-industrii-detskikh-tovarov.pdf (in Russian).
28. FRPRF. (2021). Plan of measures for import substitution in the machine tool industry of the Russian Federation for the period up to 2024. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 28th June 2021. N 2332. Retrieved from https://frprf.ru/download/plan-po-importozamesh-cheniyu-v-stankoinstrumentalnoy-promyshlennosti.pdf (in Russian).
29. FRPRF. (2021). Plan of measures for import substitution in the shipbuilding of the Russian Federation for the period up to 2024. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 2nd August 2021. N 2916. Retrieved from https://frprf.ru/download/plan-po-importozameshcheniyu-v-su-dostroitelnoy-promyshlennosti.pdf (in Russian).
30. FRPRF. (2021). Plan of measures for import substitution in the customer goods industry of the Russian Federation. Approved by Order of the Ministry of Industry and Trade of the Russian Federation of 2nd August 2021. N2913. Retrieved from https://frprf.ru/download/plan-po-importozameshcheniyu-v-legkoy-pro-myshlennosti.pdf?ysclid=l3adm4zv8 (in Russian).
31. Reshetilo, T. V. (2016). Import substitution in Russia: problems and prospects. Vestnik Taganrogskogo instituta upravleniya i ekonomiki, (2), pp. 3-5. (in Russian).
32. Ryabko, S. (2020). Import Substitution Problems in High-Tech Areas. Retrieved from https://eos.ru/ eos_delopr/eos_delopr_intesting/111/16442/? (in Russian).
33. Samofalova, O. (2022). The Consequences of the West's Strike on the Russian Economy Were Unexpected. Retrieved from https://vz.ru/economy/2022/4Z18/1154347.html? (in Russian).
34. Tebekin, A. V. (2017). Analysis of options for national economic development strategies. Vestnik Moskovskogo finansovo-yuridicheskogo universiteta, (4), 60-73 (in Russian).
35. Tebekin, A. V. (2021). Geographical, political and economical aspects of moving towards a new quality of technology, economy and society. Vestnik Tverskogo gosudarstvennogo universiteta. Seriya: Ekono-mika i upravlenie, (3), 38-54 (in Russian).
36. Tebekin, A. V. Import substitution failures. Article in the public archive № 4059 20.05.2015 (in Russian).
37. Tebekin, A. V. & Anisimov, E. G. (2020). On the fronts of a hybrid war in the economic and geopolitical space. Zhurnal issledovaniipo upravleniyu, 6(5), 60-74 (in Russian).
38. Tebekin, A. V. & Zhigulin, V. G. (2016). Scientific and practical problems of import substitution in the field of information and communication technologies. Oproblemakh importozameshcheniya v tamozhen-nykh organakh i novykh razrabotkakh v sfere informatsionno-kommunikatsionnykh tekhnologii. Sbornik mate-rialov Mezhvedomstvennoi nauchnoi konferentsii. (pp. 81-91). Lyubercy: Rossijskaya tamozhennaya akademi-ya (in Russian).
39. Timoshenko, V. (2015). Import substitution policy in Russia: from words to deedsImport substitution policy in Russia: from words to deeds. Retrieved from https://www.garant.ru/article/630000/? (in Russian).
40. Khromova, O. (2022). Import substitution in the current realities: how domestic companies get out of the situation. Retrieved from https://rb.ru/opinion/it-startups/?ysclid=l3af9rviub (in Russian).
41. Tsukhlo, S. V. (2019). Problems of import dependence of Russian industry and import substitution in 2014-2018. Delovoj zhurnal NEFTEGAZ.RU, (4), 98-103 (in Russian).
42. Tsygankov, V. (2022). "Effective managers" versus engineers - who will take it? Retrieved from https://
svpressa.ru/economy/article/333836/? (in Russian).
43. Shelest, A. (2022). The sixth package of sanctions: Russia cannot give up. Retrieved from https://www. pravda.ru/economics/1707594-sanctions/ (in Russian).
44. Shcherbina, T. A. (2016). The import substitution policy: financial, economic and managerial aspects of its implementation. Ekonomika. Nalogi. Pravo, (1), 52-58 (in Russian).
Received 04.05.2022 Revised 10.06.2022 Accepted 12.06.2022
