Contemporary Foreign Economic Relations of Russia with the Countries of Northern Europe
Recently new problems have arisen that have complicated Russia’s foreign economic relations with foreign countries. The countries of Northern Europe were no exception. The economic situation in many countries was far from optimal. Problems with economy took place in the euro area. A significant drop...
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| Format: | Article |
| Language: | English |
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Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)
2021-07-01
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| Series: | Контуры глобальных трансформаций: политика, экономика, право |
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| Online Access: | https://www.ogt-journal.com/jour/article/view/804 |
| _version_ | 1797646975376556032 |
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| author | A. M. Volkov |
| author_facet | A. M. Volkov |
| author_sort | A. M. Volkov |
| collection | DOAJ |
| description | Recently new problems have arisen that have complicated Russia’s foreign economic relations with foreign countries. The countries of Northern Europe were no exception. The economic situation in many countries was far from optimal. Problems with economy took place in the euro area. A significant drop in oil prices led to a slowdown in economic growth in the Russian Federation and a sharp decline of ruble exchange rate. Since 2014, various Western sanctions have emerged, followed by retaliatory sanctions from Russia. Against this background, the analysis of the dynamics of Russian economic relations with the Nordic countries is of particular interest. A sharp decline in foreign economic indicators occurred in 2015–2016. Subsequent development has shown different dynamics. On the one hand, by the end of the 2010s foreign trade with Finland and Sweden did not reach the level of 2013–2014 (primarily due to the decline in oil prices), but on the other, foreign trade indicators with Denmark and Norway were exceeded (due to Russian exports). Year 2020 brought new problems – the coronavirus pandemic and the associated restrictions on the movement of goods, services and people, as well as the rupture of production chains, which had an impact on foreign economic relations – and exacerbated the old ones: a new sharp drop in oil prices and a new depreciation of ruble. The article reveals the features of the general dynamics and commodity structure of foreign trade with each of the observed countries. The significant dependence of Russian exports, primarily on energy supplies, is considered in detail. Special attention is given to the general dynamics of foreign direct investment in Russia. The problems of modern development of Russian export and import were analyzed. |
| first_indexed | 2024-03-11T15:09:36Z |
| format | Article |
| id | doaj.art-3983ab65f762475a8352ff63e48a908c |
| institution | Directory Open Access Journal |
| issn | 2542-0240 2587-9324 |
| language | English |
| last_indexed | 2024-03-11T15:09:36Z |
| publishDate | 2021-07-01 |
| publisher | Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”) |
| record_format | Article |
| series | Контуры глобальных трансформаций: политика, экономика, право |
| spelling | doaj.art-3983ab65f762475a8352ff63e48a908c2023-10-29T15:55:28ZengАссоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)Контуры глобальных трансформаций: политика, экономика, право2542-02402587-93242021-07-0114317618810.23932/2542-0240-2021-14-3-10562Contemporary Foreign Economic Relations of Russia with the Countries of Northern EuropeA. M. Volkov0Primakov National Research Institute of World Economy and International Relations of the Russian Academy of SciencesRecently new problems have arisen that have complicated Russia’s foreign economic relations with foreign countries. The countries of Northern Europe were no exception. The economic situation in many countries was far from optimal. Problems with economy took place in the euro area. A significant drop in oil prices led to a slowdown in economic growth in the Russian Federation and a sharp decline of ruble exchange rate. Since 2014, various Western sanctions have emerged, followed by retaliatory sanctions from Russia. Against this background, the analysis of the dynamics of Russian economic relations with the Nordic countries is of particular interest. A sharp decline in foreign economic indicators occurred in 2015–2016. Subsequent development has shown different dynamics. On the one hand, by the end of the 2010s foreign trade with Finland and Sweden did not reach the level of 2013–2014 (primarily due to the decline in oil prices), but on the other, foreign trade indicators with Denmark and Norway were exceeded (due to Russian exports). Year 2020 brought new problems – the coronavirus pandemic and the associated restrictions on the movement of goods, services and people, as well as the rupture of production chains, which had an impact on foreign economic relations – and exacerbated the old ones: a new sharp drop in oil prices and a new depreciation of ruble. The article reveals the features of the general dynamics and commodity structure of foreign trade with each of the observed countries. The significant dependence of Russian exports, primarily on energy supplies, is considered in detail. Special attention is given to the general dynamics of foreign direct investment in Russia. The problems of modern development of Russian export and import were analyzed.https://www.ogt-journal.com/jour/article/view/804russiafinlandswedendenmarknorwayforeign tradeexportimport |
| spellingShingle | A. M. Volkov Contemporary Foreign Economic Relations of Russia with the Countries of Northern Europe Контуры глобальных трансформаций: политика, экономика, право russia finland sweden denmark norway foreign trade export import |
| title | Contemporary Foreign Economic Relations of Russia with the Countries of Northern Europe |
| title_full | Contemporary Foreign Economic Relations of Russia with the Countries of Northern Europe |
| title_fullStr | Contemporary Foreign Economic Relations of Russia with the Countries of Northern Europe |
| title_full_unstemmed | Contemporary Foreign Economic Relations of Russia with the Countries of Northern Europe |
| title_short | Contemporary Foreign Economic Relations of Russia with the Countries of Northern Europe |
| title_sort | contemporary foreign economic relations of russia with the countries of northern europe |
| topic | russia finland sweden denmark norway foreign trade export import |
| url | https://www.ogt-journal.com/jour/article/view/804 |
| work_keys_str_mv | AT amvolkov contemporaryforeigneconomicrelationsofrussiawiththecountriesofnortherneurope |