Synergies between Russian Import Substitution and Development of Eurasian Economic Union

  • Wang Zhiyuan
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  • Huaqiao University, Xiamen 361021, China

Received date: 2020-05-20

  Online published: 2020-10-26

Abstract

In 2015, Russia suffered economic sanctions from the US and Europe, followed by the launch of import substitution strategy.So far, Russia's import substitution has achieved certain results. Domestic production has made up for the decline in imports in terms of total volume, however, individual fields such as livestock products and key technical equipment still cannot completely replace the imports from western countriesstructurally.2015 is also the first year of the formal operation of the Eurasian Economic Union (EEU). The member states generally follow Russia to implement import substitution, showing a certain overall development path.However, the import substitution of the four member countries presents distinct characteristics, being "supplementary", "independent", "dependent"or"export-oriented".This shows that while paying attention to the integrity of the EEU, the individuality of its member countries should also be attached importance to.

Cite this article

Wang Zhiyuan . Synergies between Russian Import Substitution and Development of Eurasian Economic Union[J]. Finance & Economics of Xinjiang, 2020 , 0(4) : 69 -80 . DOI: 10.16716/j.cnki.65-1030/f.2020.04.007

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