Gateway to the multipolar world. Session of the Valdai Discussion Club at the Eastern Economic Forum 2022

Gateway to the multipolar world. Session of the Valdai Discussion Club at the Eastern Economic Forum 2022
06.09.2022

A Discussion on Import Substitution in the Context of Anti-Russia Sanctions

A Discussion on Import Substitution in the Context of Anti-Russia Sanctions
16.09.2022

A Discussion on Import Substitution in the Context of Anti-Russia Sanctions

On September 16, the Valdai Club hosted a discussion on import substitution in the context of anti-Russia sanctions.

Unprecedented restrictive measures against Russia by Western states have given particular importance to the issue of import substitution of foreign goods and services. The United States, the European Union, Britain, Canada, Japan and a number of other countries have introduced strict export control measures against Russia. It is forbidden to supply a wide range of electronics, equipment, machinery, industrial goods, as well as consumer goods to Russia. Russia-friendly countries are also largely deprived of the opportunity to supply Russia with goods with Western components or created under licenses from Western countries. Hundreds of Russian companies in the field of industry and high technology came under blocking Western sanctions. It is assumed that the restrictions imposed will remain for years and decades, so the issue of import substitution for a wide range of goods and services remains relevant.

Under the new conditions, the substitution of Western imports can go in two ways. The key is the rise of the domestic industry, and for this, Russia retains scientific and technical reserves in a number of strategic industries. At the same time, the task is to expand trade relations with friendly countries in order to replace in a short time those goods that are leaving the Russian market and that domestic production will not be able to master in a short time.

To what extent is the domestic industry ready for import substitution? What needs to be done by the state to support industry? Which sectors are the most vulnerable, and in which sectors can import substitution be carried out as soon as possible? Participants of the expert discussion tried to find answers to these and other questions.

Speakers:

  • Maxim Kolesnikov, Deputy Minister of Economic Development of the Russian Federation;

  • Aleksey Dzermant, Director, Centre for the Study and Development of Continental Integration “Northern Eurasia”;

  • Dmitry Kolobov, Director of the Department for the Development of the Industry of Socially Significant Goods of the Ministry of Industry and Trade of the Russian Federation.

Moderator:

  • Ivan Timofeev, Programme Director of the Valdai International Discussion Club.

Working languages: Russian, English.