Pandemic and Sanctions: A Study of Economic Shocks in the Russian Economy

The research is aimed at studying the causes and factors of modern economic shocks and their manifestations in the Russian economy, as well as the search for measures to reduce their negative impact on the economic system. The research reveals the content of the “paradox of economic shock during the pandemic and sanctions restrictions” in Russia and reveals features of its manifestation. The external economic shock from the pandemic provoked the emergence of internal economic shock from implementing the policy of containment of the spread of coronavirus infection. The degree of impact of the external economic shock on the Russian economy was amplified by the simultaneous destabilization of the energy resources market. The adaptation of the Russian economy to the external economic shock of the pandemic coincided with the emergence of the sanctions economic shock. The authors analyzed the effects of economic shocks on the economy of Russia. The authors identified side effects of economic shocks on the Russian economy in the form of the launch of accelerated digitalization in the sectors of the national economy, increased access to digital infrastructure, and structural transformation of the labor and employment markets. Public policy measures aimed at leveling out the negative effect of economic shocks on Russia’s economic system are proposed.