Sustainable import substitution in Russia: Institutional conditions and efficiency imperatives

Abstract

The article is devoted to the essence and relevance of import substitution as an effective strategy of Russian economy's development within the sanctions' constraint of Western countries. Authors scoped out the institutional features of sustainable import substitution as an object of the study. Authors highlighted the set of objective factors verifying the economic viability of import substitution and potential threats of these measures as well. Authors arranged the evaluation and analytical tools for studying the dependence on imports' level in the context of certain industries, goods, and spheres of activity. Moreover, authors clarified the pattern for estimating the need for import substitution in a certain business entity, suggested the institutional conditions and determinants facilitating the best performance of import substitution in Russia. Special attention is given to the viability of choosing the appropriate model, developing tools, and mechanisms for implementing a comprehensive program of import substitution in Russia in the context of a multi-level policy including the following ones: enterprise - industry (cluster) - country's economy. As a result, authors concluded that the policy of preemptive emerging markets-oriented import substitution aimed at improving the global economic security of Russian economy is crucial for a sustainable balanced development.