Vyzhitovich A.M.Siberian Institute of Management, Branch of Russian Presidential Academy of National Economy and Public Administration, Novosibirsk, Russian Federation vam_70@mail.ru
Ershov P.A.Siberian Institute of Management, Branch of Russian Presidential Academy of National Economy and Public Administration, Novosibirsk, Russian Federation Liery2009@mail.ru
Importance Considering the situation in Ukraine, western sanctions, a sharp drop in export and Ruble devaluation, Russia cannot maintain the former import level and initiates the import substitution policy. In this respect, it is especially reasonable to evaluate the potential of Russia's import substitution mechanisms and tools and systematize them. Objectives The research systematizes measures of the import substitution policy and points out those which have the highest potential. The article specifies the concepts and principles of the import substitution policy, classify import substitution policy measures per reason and basis, evaluates the potential of the measures are already in practice. Methods The research applies methods of factual and historical data, classification, comparison, and reconciliation of significance of various derivative effects, which helped systematize and assess the potential of the import substitution policy measures. Results We specified definitions of import substitution and the import substitution policy, formulated baseline principles of the import substitution policy, proposed the classification of import substitution measures. The article evaluates the potential of certain import substitution policy measures, presents recommendations for formulating and implementing the import substitution policy. Conclusions and Relevance The State possesses rather a wide spectrum of tools to implement the import substitution policy. As the import substitution potential evaluation shows, the foreign trade limitation measures generate the lowest effect; meanwhile the highest effect should be expected from measures aimed at supporting entrepreneurs, stimulating investment and promoting goods of domestic producers. The findings may be applied to prepare programs of the import substitution policy, and to carry out researches into issues and challenges of import substitution.
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