SOME ASPECTS OF WESTERN SANCTIONS PRESSURE AND ITS IMPACT ON THE DEVELOPMENT OF RUSSIA'S REGIONAL ECONOMY

Abstract

The study draws conclusions from an analysis of some aspects of Western sanctions pressure on Russia and its impact on economic development, as well as on the state of economic sectors of the national economy in regional areas, which are vitally important and play a priority role in ensuring economic stability. The reasons for secondary sanctions are revealed, where negative trends in international trade create more and more restrictions for the development of the Russian economy; oil trade against this background remains the most profitable direction. The export of liquefied natural gas, coal, gold, diamonds, and non-ferrous metals is facing difficulties, which in some cases are already leading to their curtailment, which is especially noticeable in the production of diamonds and gold. Geopolitical tensions are fueling further increases in gold prices, which are seen as a safe haven asset. Based on the results of the analysis, problems of organizational and legal regulation were identified that require the elimination of negative factors at the state level. Negative trends in the global economy confirmed the absence of positive forecasts in the regional economy under the current socio-economic policy. There are serious problems with labor shortages, and a slowdown in economic growth is inevitable. It has been determined that the financial system is experiencing a budget deficit, which determines the need for tax reform for future revenues. The factor of external restrictions is beginning to exert growing pressure, where relations with China and the West require special attention. The identified threats will make it possible to ensure economic stability to counter the collective West, which will contribute to the construction, functioning and development of Russia.