SANCTION POLICY AND ITS IMPACT ON THE INNOVATIVE DEVELOPMENT OF NATIONAL ECONOMY AND REGIONAL ECONOMIES

Abstract

The article is devoted to the consideration of an urgent problem: the impact of the policy of economic sanctions by the United States, the European Union and Japan on the economic situation in Russia and its regions. The article considers the historical experience of applying the policy of sanctions from the time of Ancient Greece to the second half of the twentieth century. It is concluded that in the overwhelming majority of cases, economic sanctions do not allow achieving political goals: changing the regime in the country against which sanctions are applied. However, it must be recognized that sanctions can cause significant economic hardship over a long term. The current economic situation in Russia, which was provoked by a very broad policy of economic sanctions, confirms the validity of this statement. Quite a lot of industries and territories are experiencing greater or lesser socio-economic difficulties. Particularly severe consequences from sanctions can take place in civil aviation. There are significant concerns about the long-term prospects for the development of the oil and gas industry. However, this will not lead to the collapse of the entire national economy. At the same time, the policy of sanctions has a significant negative impact on the possibility of using modern innovative technologies in the Russian economy. It can be argued that the economy of the country and its regions are experiencing significant difficulties in organizing the production of modern competitive products.