SANCTIONS AND ECONOMIC POLICY IN THE CONDITIONS OF GLOBALIZATION

The research aims to studying directions and consequences of the sanction and counter-sanctions interaction of foreign and Russian economies. The paper characterizes a system of economic sanctions against Russia in 2014-2015. The authors study directions, forms and consequences of this impact worldwide. The paper gives an analysis of the rating leading world countries on an index of globalization, which shows that the Russian economy is only entering globalization processes. Methodological basis of the study is methods of system analysis, comparisons and analogies, logical-semantic modeling. The authors assess consequences of the sanctions considering a comparative analysis of the world's leading countries in export and import of goods. The main directions of the Western impact on the Russian economy are systematized, as well as consequences of the import substitution for the European countries are assessed. It is shown that the economic constraints arising under the sanctions against Russia, may serve as a serious impetus for the development of domestic companies and changing foreign goods for Russian. The obtained results find out tools of the economic policy that are more practical. They are focused on the development of the Internal Market and import substitution in the period of introducing sanctions. Thus, it is possible to say that in the context of the world economy globalization, any sanction restrictions are destructive in nature with a strong "boomerang effect", as they are reflected in countries which initiate sanctions.