International Sanctions’ Influence on the Functioning of Russian and International Machine Building

Abstract

The research aims to detect the consequences of international sanctions on the functioning of Russian and international machine building. The authors apply general scientific methods of statistical and structural analysis, classification method, generalization method, and other methods. As a result of the investigation, the authors conclude that sanctions pressure together with COVID-19 led to transformations in the global machine-building industry and the strengthening of such trends as the relocation of machine-building centers to China, displacement of European automobile companies in other regions (mostly to the USA and China), changing of industry products’ export flows, and strengthening of deficit of some resources for machine building factories. This research considers the development features of the worldwide and Russian machine-building complexes in the context of international sanctions. The main problems of the worldwide and Russian machine building are identified, and trends of their development in the conditions of sanctions restrictions are determined. The authors substantiate that although economic sanctions had a negative impact on the Russian machine-building complex, they gave a powerful impetus to the industry’s innovative development and increased the competitiveness of manufactured products in the Russian market. In this regard, it was emphasized that international sanctions should be considered not only in a negative but also in a positive way.