NEW ASPECTS OF «DUTCH DISEASE» IN THE RUSSIAN ECONOMY UNDER SANCTIONS: RISKS AND PRESCRIPTIONS
V.M. GilmundinovThe paper is concerned with the issues of economic policy improvement of Russia, vulnerable to adverse effects associated with its high raw export orientation. Main features of «Dutch Disease» for the Russian economy are identified. It demonstrates the spiral nature of the "Dutch disease" in the Russian economy and the threat of its transition to the active open form. Particular attention is paid to assessing the impact of decreasing of world oil prices with sharp tightening of financial conditions under the influence of the sanctions in 2014 for the Russian economy. It also identifies the main obstacles to the remission of the "Dutch disease" in the Russian economy in the conditions of falling oil prices of 2008-2009 and 2014-2016 years. Analysis of the system limitations of socio-economic development and threat for reindustrialization posed by introduced against Russia sectoral sanctions is another point of this study. The necessity of active structural policy in the Russian economy, accompanied by an enabling sectoral credit policy of the Central Bank of Russia, is shown. Recommendations for the Russian economic policy allowing to accelerate structural modernization of the Russian economy under the circumstances are also given in the study.