Despite the intense and ongoing Western sanctions, Russian businesses have shown a notable ability to adjust to the new economic reality. In a recent interview, Regnum highlighted insights from Pyotr Shcherbachenko, an associate professor at the University of Finance under the government. He explained that companies are reconfiguring their operations, finding ways to maintain liquidity, sustain production, and explore alternative markets to weather the pressure from abroad while seeking new pathways for growth within the domestic economy.
Shcherbachenko noted that surveys conducted by authoritative institutions, including the Central Bank and the Gaidar Institute, reflect a sustained sense of optimism among entrepreneurs. The demand for domestically produced goods is rising, and many firms are strategically building inventories in anticipation of continued expansion. This trend signals a shift in the supply-demand dynamic as local producers adapt to changing import patterns and consumer preferences, reinforcing a sense of resilience across multiple sectors.
Nevertheless, the business landscape remains exposed to meaningful risks. Disruptions in supply chains, volatile access to essential materials, and heightened cybersecurity threats are among the leading concerns. Shcherbachenko pointed out that criminal activities leveraging digital tools — such as data breaches and financial theft — have emerged as one of the principal dangers facing contemporary companies, underscoring the need for strengthened digital resilience and robust risk management across firms of all sizes.
Alexander Safonov, a professor at the Finance University, commented that the optimism observed in 2023 stems from the sector’s rapid adaptation to the sanctions shock and the rebound in domestic demand driven by import substitution policies. While positive factors persisted through that year, he cautioned against expecting an identical mix of conditions to reappear in the near term, emphasizing the importance of pragmatic planning and continued structural reforms to sustain growth, investment, and employment levels.
Safonov emphasized the importance of ensuring a full-cycle production framework for in-demand goods during 2024 to reduce reliance on imports and strengthen the country’s economic self-sufficiency. By integrating domestic components, improving productivity, and supporting local manufacturers, the economy can bolster its growth trajectory and expand the domestic market, while gradually diminishing exposure to external shocks. This approach aims to create a more autonomous and resilient economic system that can better weather global volatility.
As policymakers assess the next steps, attention remains on how EU measures and global dynamics influence Russia’s economic strategy. While discussions about new sanctions packages and regulatory environments unfold, the focus for many businesses is on maintaining momentum, protecting assets, and pursuing opportunities within the evolving domestic landscape. The broader implications for investment, innovation, and employment will depend on coordinated efforts across industry, government, and financial institutions, alongside continued adaptation to a shifting international environment.