Problem and Potential of Economic Development, Industrial Production and Innovation in Modern Russia

Aim. The article examines the modern development of the domestic economy and business in the context of geostrategic political changes and the unleashing of the economic war of the collective West against Russia.

Methodology. During the research, system analysis, methods of content analysis of documents, as well as methods of deduction and induction, methods of analysis, comparison, diagnostic approach, interpretation of research results and some others were used as the main methods.

Results. The article analyzes the state of the Russian industrial production of heavy machinery, machine tools and electronics industry after the events of February 2022 in connection with the unprecedented sanctions imposed on Russia by non-friendly countries. It was revealed that the dependence of these industries on import supplies and the consequences from them required the start of accelerated import substitution and the reversal of export transport and logistics routes in the eastern direction. The article reveals the problems and potential on the way of structural restructuring of domestic key medium- and high-tech industries, caused by the events that have occurred and in response to the sanctions pressure of unfriendly countries.

Research Implications. The authors of the work, based on the detailed analysis of the state of the Russian industrial production of heavy machinery, machine tools and electronic industry after the events of February 2022, proved that the strategic advantage of the new round of sanctions will be a powerful impetus to import substitution. It is revealed that over the past year, progress has already been visibly outlined in many industries, including the industries discussed in the article. At the same time, there are still many gaps in the technological chains that will have to be overcome on the upcoming long path of import substitution. It is noted that one of the most important obstacles at the stage of the restoration of the Russian electronics industry will be the import of foreign microelectronics, its component base, elements and other products, the consequences of which for the entire industry and infrastructure will be temporarily extremely severe.

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2. Aliyev A. T. [Development of machine-tool industry in Russia in the context of modern geopolitical changes]. In: Ekonomicheskie sistemy [Economic systems], 2022, no. 3, pp. 56–65.