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121Экономические санкции и их двойное воздействие на экономику России
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Беликов Евгений Олегович,
студент, кафедра теории и истории государства и права, Санкт-Петербургский государственный экономический университет, [email protected]
В условиях глобализации и стремительно развивающихся международных отношений внешнеэкономическая политика постепенно приобретает все более значимую роль в приоритетах отношений между государствами.
Внешняя политика России, борьба за независимость, защита ее суверенитета, признание независимости территорий, которые ранее входили в состав Украины, - послужили поводами для санкций против нашей страны.
Во время выступления Владимира Путина на 19-м ежегодном форуме Международного дискуссионного клуба "Валдай" он заявил, что доминирование над всем миром любой ценой - это главная цель, которую Запад поставил в своей игре. Эта игра, безусловно, опасная, кровавая и грязная. Она отрицает суверенитет стран и народностей, их самобытность и уникальность; никоим образом не ставит интересы других государств под угрозу.
Целью данной работы является анализ экономических санкций, введенных в отношении Российской Федерации с февраля 2022 года.
Объектом исследования являются экономические санкции в масштабе международного права.
Предметом исследования являются виды экономических санкций и их влияние на экономику Российской Федерации. Теоретическая значимость работы заключается в раскрытии концепции «международных экономических санкций и их двойного воздействия на экономику России» в текущий исторический момент.
Возможность практического применения: Рекомендуется использовать результаты проведенной работы в качестве теоретической подготовки специалистов в экономической сфере для улучшения знаний в области экономики в период экономических санкций. Анализ информации, представленной в данной статье, позволит специалисту более эффективно применять полученную информацию на практике в различных областях экономики с целью дальнейшего повышения экономической независимости субъектов права в экономике Российской Федерации.
Конечной целью противодействия санкциям является защита интересов российских граждан, обеспечение их безопасности, защита суверенитета и территориальной целостности государства, а также борьба за справедливый и демократический мировой порядок.
Ключевые слова: экономика, санкции, финансовая система, эмбарго, параллельный импорт, инфляция, ограничение цен.
Introduction. «Economic sanctions are restrictive measures of financial and commercial nature used by governments towards other states and individuals and legal entities related to them». [5] Restrictions can be imposed not only by individual states, but also both international associations and the European Union. The object of sanctions is that against whom or what the penalties are.
Economic sanctions in accordance with Article 41 of the Charter of the United Nations (UN) are: «Measures not related to the use of armed forces», which may include «a complete or partial interruption of economic relations, rail, sea, air, postal, telegraph, radio or other means of communication, as well as the severance of diplomatic relations». [2, p.13]
The economic sanctions themselves (both trade and financial) are prohibitive economic measures. As a rule, they are used by one trading participant on the international market against another, or even by a number of countries against one or many market participants. Their goal is to force others to submit to this group or change one's political course.
The first example of sanctions in history was around 423 BC. Athens banned residents of the Megara area from entering its port cities, which subsequently led to the Peloponnesian wars.
The imposed sanctions are closely connected with measures of both political, social and commercial nature.
As for the present, the beginning of anti-Russian sanctions in the last decade is associated with 2014, when a referendum was held on the entry of the Crimean peninsula into the Russian Federation. «Russia is accused of an armed seizure of power in Crimea, of the participation of Russian military and volunteers in the battles in eastern Ukraine, of military and material support for the Donetsk and Lugansk People's Republics (DPR and LPR) ». [1, p.23]
Economic sanctions, as well as restrictive measures, are diverse. They are imposed both in relation to the financial policy of the state, and in terms of the movement of citizens; in relation to culture and sports, they affect diplomacy; they affect the participation of the state in various international organizations.
The main goal is to force a change in the country's policy and strike at its military potential.
«ECONOMIC SANCTIONS AND THEIR DUAL IMPACT ON RUSSIA'S ECONOMY»
«The Special Military Operation and, as a result, the threats of Western countries to impose sanctions against Russia have raised a very serious question about the sovereignty and economic independence of Russia». [3, p.14]
During the speech at the annual forum of the Valdai International Discussion Club, Vladimir Putin said: «Western so-called partners are doing everything to slander Russia, humiliate it, ignore its interests. And when we fight for our
interests and do it openly, honestly and, frankly, courageously - this example itself is extremely contagious and attractive to billions of people on the planet». [4]
The main economic sanctions are:
- Embargo and the restriction of the country's participation in the international financial market.
- Freezing of assets and a ban on the provision of financial aid.
- Prohibition on the provision (delivery) of cash.
- Blocking the SWIFT system.
- Restriction of trade in energy resources.
Economic sanctions have become an instrument of exclusively economic competition.
Speaking about the goals of sanctions in general, firstly, it is a demonstration of one's superiority. A typical example is the sanctions imposed by the United States. The next most important ones are domestic political goals.
As for our country, the main task and purpose of sanctions nowadays is to undermine or weaken Russia's economic stability.
First of all, the main banks and large companies in the country were sanctioned: VTB and VEB.Russia, Bank «Rossiya», «Sberbank» and «Promsvyazbank», «Gazprom» and «Rosneft», «Russian Railways» and «Rostelecom», «Almaz-Antey», «Sukhoi» and «Kalashnikov» concerns.
Large foreign companies have left Russia. Investments have been stopped, ties for the supply of products and equipment have been severed.
Almost immediately after February 24, 2022 shares of Russian companies collapsed. The St. Petersburg and Moscow stock markets had to stop their work. The Central Bank of the Russian Federation had to use currency interventions to stabilize and support the ruble exchange rate. It was necessary to significantly increase the key rate to 20% and the deposit rates in banks to 23% in order to prevent the outflow of funds from depositors' accounts. The exchange rate of the American currency reached 100 rubles. The purchase of a cash dollar was banned for the first time.
There were also problems with logistics. The world's largest carriers such as Maersk and CPM have stopped their work on container transportation to and from Russia. There was a problem with the organization of supplies of components to car factories of foreign companies such as Hyundai, BMW and Volkswagen. In early March, AvtoVAZ also stopped its work due to a failure in the supplies. Nike and Samsung, Panasonic and IKEA, Hitachi have left Russia. Microsoft and Oracle, SAP have stopped selling their products.
Problems began for aviation companies as well. 36 countries of the world have closed their airspace by February 28, 2022. In response, Russia also closed its airspace to them. International flights have already been canceled since March 5, 2022. Western lessors have terminated their leasing agreements with Russian aviation companies. They demanded to return the leased airliners, while those who were on their territory were arrested.
Container shipping problems have arisen with shipping companies such as ONE and Hapag-Lloyd, HMM and MSC, Maersk and CMA CGM.
Transport problems were not limited to this. Russian carriers were also sanctioned. Sea vessels were banned from entering the ports of the European Union. Trucks, including those from Belarus, were no longer allowed to enter the territory of Europe. All these actions have led to an increase in the cost of transportation to and from Europe.
The departure of large foreign companies from the country continues. A lot of workers are losing their jobs. Social tension is being created in the country.
The Russian economy is experiencing enormous external pressure today. According to conservative estimates, 11,814 sanctions have been imposed against Russia at the moment, 77% of which were imposed almost immediately after February 24, 2022.
The phase of struggle for the European market has come.
At the same time, complete isolation of the Russian economy is unlikely, since it is deeply integrated into world capital. For example, 27% of Gazprom's shares belong to Bank of New York, and BP (British Petroleum) owns 19.7% of Rosneft's shares.
A similar situation is happening in other sectors of the economy.
The United States, represented by the Ministry of Finance, imposed sanctions on Russian assets worth more than 1 billion dollars.
The European Union has begun to impose an embargo on Russian coal.
On December 4, 2022, the EU countries officially approved the price cap on Russian oil. This decision was supported by 27 EU countries, as well as the USA, Canada, Great Britain, Japan and Australia. [12]
Norway decided to join the imposed oil price ceiling on December 8, 2022. [13]
A ban has been imposed on countries buying oil from Russia above $60 per barrel. At the same time, the price of Urals crude oil on December 3 was about $69 per barrel. The introduced price ceiling has taken effect from February 5, 2023. The Western coalition has stated that the price ceiling may be changed towards tightening if they do not see the desired effect of the pressure exerted on Russia. This means that the coalition reserves an opportunity to continue blackmailing Russia with the price of oil.
Oil delivery is usually carried out by sea tankers. Therefore, if the price limit is exceeded, insurers are prohibited from insuring sea transportation, and this will lead to a refusal of accepting ships in seaports for unloading tankers. Recently, Russia has bought more than 100 large and small tankers around the world, which until recently were used to transport Venezuelan and Iranian oil. [11]
The President of the Russian Federation has repeatedly said that Russia will stop exporting oil for those countries that impose a price restriction on the import of Russian oil. Russia is already actively reorienting its oil supplies to the eastern countries of China, India, Iran and Turkey.
The G7 countries stated: «We confirm our joint political intention to introduce a comprehensive ban on services that allow the sea transportation of crude oil and petroleum products of Russian origin around the world». [6]
Retaliatory measures were announced and introduced, main of which were:
On February 28, 2022, the President of Russia signed a decree «On the application of special economic measures in connection with the unfriendly actions of the United States and the countries that joined them». [7]
A mandatory procedure was introduced for exporters to sell 80% of their foreign exchange earnings. A little later, a ban was imposed on the export of foreign currency exceeding the amount of $10,000. A new procedure was established for transactions with unfriendly countries.
On March 5, 2022, a decree was already signed in which the president established a new procedure for foreign
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creditors of countries that have accepted sanctions against Russia. All payments should be made only through Russian ruble accounts.
On March 18, 2022, the President signed a decree «On additional temporary economic measures to ensure the financial stability of the Russian Federation in the field of currency regulation». [8] Already at the end of March 2022 -on March 31, Decree N-172 «On a special procedure for the fulfillment of obligations by foreign buyers to Russian natural gas suppliers» was signed. [9]
On May 1, 2022, amendments to Federal Law No. 127-FZ dated 04.06.2018 «On measures to influence (counteract) unfriendly actions of the United States of America and other foreign states» were signed. [10] According to this law, Russian banks were prohibited from providing any information to foreign competent authorities about Russian clients and their transactions on bank accounts.
A ban was introduced for foreign investors to participate on the basis of public-private and municipal-private partnerships in the implementation of regular transportation.
It was decided to make payments for energy carriers and strategically important goods in rubles.
It becomes clear that the transfer of payments in national currencies has a great strategic importance for the country's economy.
Consequences of the sanctions wave for the Russian economy
After the disconnection of Russian banking structures from the SWIFT system in 2022, it became clear that the created national payment system of the Russian Federation for the transmission of financial messages (SPFS) made it possible to carry out transactions both inside and outside the country.
The competent work of the Central Bank with the interest rate made it possible to preserve the savings of Russia's population in bank accounts and stabilized the banking system.
Partnership with eastern countries makes to a great contribution to the economy. China is becoming a potential partner in cooperation in the development of electronics, large data arrays, digital technologies, including 5G highspeed Internet and data transmission. India - in production of medicine, high-tech agriculture. Such partnerships provide an opportunity to create and strengthen horizontal ties in each sector of Russia's economy.
Negative consequences have also occurred for Western countries. The new sanctions that have been imposed and are constantly being imposed also damage the economies of those countries themselves. From rising fuel costs to ever-increasing inflation. Social tension is growing in the EU countries.
CONCLUSION
The modern world order is built on relationships. Any tear in these ties, primarily economic ones, is a blow to all its members without exception. The consequence of such a blow is a return to the distant economic past.
The true goal of the United States is to divide Russia into small states.
In order to effectively resist sanctions, the government has to develop economic ties not only with countries in Europe, but also with states in the Middle East, Iran and India, China and Turkey.
These are the current goals that have come up on the agenda:
- Expansion of exports to the Middle East and Africa, Iran and Turkey. Partly to South America;
- Improvement of self-produced technological processes;
- Saturation of the market with agricultural goods;
- Development of the fishing industry;
- Self-production of dairy products;
- Introduction of new national technologies into the products of military-industrial complex.
- Improvement of new logistics with friendly countries and new economic partners.
The created system of integration between national payment systems, and as a result, the possibility of money transfers being made in national currencies has become a reality both in bilateral transfers and in multilateral trade transactions.
To sum up, even in a challenging period of constant hate, defamation and penalties being imposed on Russia, our country has a powerful potential and real opportunity for further progressive development of its economy.
Economic sanctions and their dual impact on Russia's economy Belikov E.O.
Saint-Petersburg State University of Economics
JEL classification: H87, F02, F15, F29, F40, F42, F49_
In the context of globalization and rapidly developing international relationships, the foreign economic policy is gradually gaining a more significant role in the priorities of relations between states. Russia's foreign policy, the fight for independence, the protection of its sovereignty, the recognition of the independence of the territories that were previously part of Ukraine - served as reasons for sanctions against our country.
During Vladimir Putin's speech at the 19th annual forum of the Valdai International Discussion Club, he said that dominating the whole world at all costs is the main goal that the West has set in its game. This game is certainly dangerous, bloody and dirty. It denies the sovereignty of countries and nations, their identity and uniqueness; does not put the interests of other states in any way. The purpose of this work is to analyze the economic sanctions imposed on
the Russian Federation since February 2022. The object of the study is economic sanctions on the scale of international law.
The subject of the study is the types of economic sanctions and their impact
on the economy of the Russian Federation. The theoretical significance of the work lies in the disclosure of the concept of «international economic sanctions and their dual impact on Russia's economy» in the current historical moment. The possibility of practical application: It is recommended to use the results of the work carried out as a theoretical training of specialists in the economic area to improve knowledge in the field of economics during the period of economic sanctions. Analyzing the information presented in this article will allow the specialist to more effectively apply the information obtained in practice in various fields of economics in order to further improve the economic independence of subjects of law in the economy of the Russian Federation. The ultimate goal of countering sanctions is to protect the interests of Russian citizens, ensure their security, protect the sovereignty and territorial integrity of the state, and fight for a fair and democratic world order. Keywords: economics, sanctions, financial system, embargo, parallel import,
inflation, price cap. References
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3. Shirov, A. Assessment of the potential impact of sanctions on the economic
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4. Transcript of the meeting of the Valdai International Discussion Club
[URL]http://prezident.org/tekst/stenogramma-zasedanija-mezhdunarodnogo-diskussionnogo-kluba-valdai-28-10-2022.html (accessed: 06.11.2022.
5. SOVCOMBANK. «Are financial and economic sanctions a tool or a
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06.11.2022.
6. «What the G7 ministers agreed on», [URL] https://www.rbc.ru/business/02/09/2022/6311fcfd9a7947c4a228e7f7 (accessed 22.11.2022.
7. Decree of the President of the Russian Federation No.-520 dated
05.08.2022 «On the application of special economic measures in the Financial and fuel and energy spheres in connection with the unfriendly actions of some foreign States and international organizations» [URL] http://publication.pravo.gov.ru/Document/View/0001202208050002 (accessed 22.11.2022.
8. Decree of the President of the Russian Federation dated 18.03.2022 No.-
126 «On additional temporary economic measures to ensure the financial stability of the Russian Federation in the field of currency regulation» [URL]
http://publication.pravo.gov.ru/Document/View/0001202203180017 (accessed 22.11.2022.
9. Decree of the President of the Russian Federation dated 31.03.2022 N-
172 «On the special procedure for the fulfillment of obligations by foreign buyers to Russian natural gas suppliers» [URL] https://www.consultant.ru/law/hotdocs/74380.html/ ConsultantPlus, 2022 (accessed 22.11.2022.
10. Federal Law No. 127-FZ of 04.06.2018 «On Measures to Influence (counteract. Unfriendly actions of the United States of America and other foreign States» [URL] http://www.kremlin.ru/acts/bank/43117 (accessed 22.11.2022.
11. NEWSPAPER .RU «Russia has purchased over 100 tankers to transport oil in circumvention of sanctions» [URL] https://www.gazeta.ru/business/news/2022/12/03/19183387.shtml (accessed 05.12.2022.
12. The embargo and the ceiling on Russian oil prices have come into force: what consequences to expect [URL] https://journal.tinkoff.ru/news/price-cap-embargo/ (accessed 05.12.2022.
13. Norway has joined the price ceiling for Russian [URL] https://www.rosbalt.ru/world/2022/12/08/1980334.html (accessed 09.12.2022.
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