Abstract:

Research is aimed at studying the foreign economic trends, analysis of trends and effects of sanctions of the interaction of the economies of foreign countries and Russia. The basic components of Russia's foreign trade turnover with leading foreign countries are reviewed. Authors assessed the effects of sanctions on the basis of a comparative analysis of the countries-leaders of world exports and imports of goods. In the paper  authors reviewed interpretation and synthesis of some experts ' assessments of the officials of different European countries on the consequences of the Russian food embargo. We formed  suggestions for improvement of State economic policy in Russia, in the face of economic sanctions and restrictions. The sanctions Western countries and the efforts made by the Russian side retaliatory steps led to the strategy of import substitution has become one of the priorities of the Russian Government. It is proved that the realization of the import substitution program will allow Russian companies to generate additional output worth more than 30 billion rubles annually.