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The article examines the change in the direction of foreign economic activity (hereinafter referred to as FEA) of the Russian Federation (hereinafter referred to as RF, Russia) in the current conditions of growing anti-Russian sanctions. The relevance of the study lies in assessing transformations in the FEA vector of Russia in the context of expansion of these sanctions, initially introduced in 2014, and their strengthening after the start of the special military operation in Ukraine in 2022. The purpose of the article is to explore causes, directions, and consequences of the changing vector amid the growing restrictions. The subject of the study is current directions of the FEA and their transformation under the influence of the anti-Russian sanctions. The objectives of the article include: analysis of the present Russian FEA vectors; consideration of factors determining their change; modern trends in the foreign trade activities of the RF; assessment of promising directions of the transformation in the Russian FEA; assessment of the impact of the anti-Russian sanctions on the structure and vectors of Russia’s foreign trade activities; influence of the restrictions on the country’s banking sector. The study is based on the analysis of the legislative framework on the Russian FEA, relevant publications on the FEA and statistical information from the Federal Customs Service of the RF. The article considers the main provisions of the modern regulatory framework governing the FEA, foreign trade turn-over of Russia with friendly and unfriendly countries. In conclusion, the article notes the process of transformation of the Russian FEA which consists of its reorientation to states that did not support sanctions against Russia and further development of foreign economic relations with the countries of the Eurasian Economic Union, Shanghai Cooperation Organisation, BRICS (Brazil, Russia, India, China, South Africa), and other friendly states.

An important target of the UN Sustainable Development Goals (SDGs) is the efficient use of the planet’s resources. In this study, the authors show a strong exponential relationship between the economic complexity index and the efficiency of resource use in a country. The economic complexity index is a characterization of the productive capacity of large economies. This index measures the level of knowledge accumulated by a society that enables production. Assessing the level of a country’s index also makes it possible to predict future trends in the region’s economy. The model of economic sophistication index proposed by the authors includes the service economy, retail trade and manufacturing. Thus, in the paper, the authors identify how the economic complexity index affects the product level by defining the product space for each country and identifying the main products that contribute to a high product complexity index and prospective scalability, indicating the potential to produce better products in the future. Policies focused on increasing economic complexity and investing in staple products appear to be a priority for achieving sustainable development.

Aim. Analyze the role of BRICS in the development of Africa.Tasks. Briefly describe the history of the creation and development of BRICS, and also assess the degree of its influence on the geopolitical and economic situation in the world. Consider the contribution of the main BRICS member countries (Brazil, Russia, India, China, South Africa), which have been actively investing in African countries for a long time, and also compare the areas in which these countries dominate.Methods. Comparative analysis was used as a key method in conducting the study.Results. The contribution of each of the BRICS member countries is analyzed, the key areas of their interests are highlighted, and an up-to-date assessment of the prospects for interaction between the BRICS countries and African countries is given.Conclusions. The participation of the BRICS member states in the socio-economic development of the African continent is considered, the areas of interest of each country in Africa are analyzed by industry, and the volumes of investment and interstate trade are assessed. Separate attention is paid to both the positive and negative impact of the presence of the BRICS countries in Africa, and prospects for the development of further relations between African territories and the BRICS member countries are given. As a result, we can unequivocally say that the role of the BRICS member countries in Africa is significant and every year it will only increase, as the strength of the association itself, its geography and the number of participants grows. Each of the bloc countries plays its own significant role in the life of the continent.

This paper analyzes Kazakh-European trade and economic relations from 2012 to 2021, aiming to elucidate the dynamics, trends, and strategic implications of these bilateral interactions. The primary purpose of this research is to scrutinize the dynamics of Kazakhstan's trade and economic interactions with European countries, assessing the trends, challenges, and opportunities within this framework. Employing a methodology that combines analysis and synthesis, inductive and deductive reasoning, and statistical methods including ABC analysis in MS Excel, the study provides a comprehensive examination of Kazakhstan's trade volumes, exports, imports, and foreign direct investments with European countries. It was revealed that for the countries of Europe, the indicators of the volume of trade, exports, and imports, gross investments showed a greater drop than in the economy. Summarized information characterizing the institutional aspect of the formation of relations between Kazakhstan and European states highlights Kazakhstan's active participation in international organizations as a key driver in developing these relationships. The findings offer valuable insights for policymakers and business stakeholders, highlighting the need for strategic approaches in optimizing trade and investment relations between Kazakhstan and Europe. [ABSTRACT FROM AUTHOR]

Active development of socio-economic ties and logistic chains with friendly states is of strategic importance due to the current geopolitical situation. Omsk region is located at the crossroads of important railways and waterways. Therefore, it is very important to form a strategy of development of the main directions of deep regional cross-border cooperation. It will allow to steadily develop friendly ties, diversify the economy, use the available resources and innovative technological platforms.The article presents the main approaches to the concept of “cross-border cooperation”. The legislative base is studied, the role and content of interaction of territories on the example of the Omsk region and the Republic of Kazakhstan is revealed. Special attention is paid to the factors influencing successful and constraining cooperation between neighboring regions of the countries. The main directions for the development of socio-economic regional cross-border cooperation are revealed.Aim. The purpose of this article is to analyze the implemented strategy of socio-economic interregional cross-border cooperation, as well as to identify the main points of contact between the Omsk region and the Republic of Kazakhstan.Tasks. During the research, the following tasks were solved: the concept of regional cross-border cooperation was defined; normative-legal acts in this area were analyzed; the strategy of socio-economic regional cross-border cooperation on the example of the Omsk region and the Republic of Kazakhstan was evaluated; the main points of contact in this territory were revealed.Methods. The research is based on scientific publications of scientists in the field of interregional crossborder cooperation. The methods of research, analysis, systematization and generalization were used to assess the effectiveness of the strategy.Results. The results of the evaluation of the strategy of regional cross-border cooperation have shown that in recent years, bilateral socio-economic ties between the Omsk region and the Republic of Kazakhstan are actively developing, many successful investment projects in various areas of the economy are being implemented, forums are regularly held. However, the ongoing changes require constant revision of the strategy of interregional cooperation, as well as the identification of promising areas, taking into account the available resources.Conclusions. The current global situation opens new opportunities for the Omsk region to provide favorable conditions for the sale of goods and technologies, tourism development, etc. There is a high dynamics of long-term partnership, the formation of the legal framework that supports interregional ties between the region and the Republic of Kazakhstan. The article proposes a number of directions for building up the experience of regional mutually beneficial interregional cooperation.

The article considers the foreign trade relations of the Russian Federation and the Republic of Armenia in modern conditions. The analysis of the dynamics of foreign trade between Russia and Armenia for 2014–2021 is carried out. An overview of the structure of exports and imports of Russia and Armenia for 2014 and 2021 is given. The factors influencing the foreign trade activity between the countries are identified. Special attention is paid to the geopolitical and geo-economic aspects of foreign trade cooperation. The role of integration processes within the framework of the Eurasian Economic Union (hereinafter referred to as the EAEU) in the development of trade and economic relations between the countries is considered. The main directions of interregional cooperation defined in the Development Program for 2022-2027 are highlighted. The effectiveness of the existing mechanisms of trade and economic cooperation is assessed and recommendations are proposed for further strengthening foreign trade relations between the Russian Federation and the Republic of Armenia in the context of the geopolitical situation and global economic trends.

Copyright of Bulletin of Ablai Khan KazUIRandWL: Series 'International Relations & Regional Studies' is the property of Kazakh Ablai Khan University of International Relations & World Languages and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The aim of the article is to analyze Ukraine’s foreign trade relations with Asian countries and identify the main trends, challenges and prospects for their cooperation. The article considers the main features of the Asian region in the economic sphere and finds that it is characterized by a high concentration of resource potential, dynamic economic development, active trade and regional economic cooperation. The general dynamics of Ukraine’s foreign trade with Asian countries during 2013–2022 is presented, as well as its distribution by region in 2022. A detailed analysis of Ukraine’s export-import operations in the context of individual Asian countries is carried out. The key trading partners of Ukraine in the region, which include Turkey, China and India, have been identified. The main documents regulating Ukraine’s foreign economic activity with these countries are considered, such as the Free Trade Agreement between Ukraine and Turkey (ratification postponed), Agreement between the Government of Ukraine and the Government of the People’s Republic of China on Trade and Economic Cooperation and a similar Agreement between the Government of Ukraine and the Government of the Republic of India. The main features and key trends that determine the dynamics of the development of trade relations with these countries are analyzed in detail. Their commodity structure of foreign trade with Ukraine has been analyzed and it has been found that the basis of Ukrainian exports to the Asian region is agricultural products, namely: vegetable oils and fats, wheat, corn and animal feed. Other promising trading partners of Ukraine, namely, Japan and South Korea, are also allocated. It is proved that for the balanced development of foreign trade relations with other countries and ensuring the sustainability of the economy in the context of global competition, Ukraine needs to maintain flexibility and adapt to new geopolitical and economic conditions, diversify the commodity structure of exports, as well as conclude new trade agreements.

The system of civil contracts in the Russian Federation is of great importance for practice and is the subject of many years of detailed study of Russian legal science. The classification of contracts in civil law still causes controversy and debate among scientists, and so far no one has been able to propose a universal classification. The situation with the classification of contracts in the trade turnover of the Russian Federation is also difficult. Even the identification of such a category and this name raises questions and creates various opposing points of view among scientists. Indeed, in any textbook on corporate and trade law of the Russian Federation it is very difficult to find the term agreement in trade turnover, as well as to distinguish the types of such agreements. More and more often we come across concepts such as a commercial agreement or a trade agreement, however, such concepts should not be fully identified, although they have similar features. Perhaps there cannot be a uniform and accurate classification due to the fact that contract law is a very dynamically developing industry, which is constantly changing from a practical point of view, and practice, as we know, acts and does not think about fitting into the usual format, theories and classifications. In this article, a team of authors provides a unique systematization of the types of contracts used in trade turnover on the territory of the Russian Federation, analyzes and characterizes and assesses the relevance of various forms of concluding commercial contracts, and also highlights the prospects for the development of national contract law, which functions and is the most important component of trade turnover.

In the article, the authors analyze the results of the training program for Russian specialists abroad in 2022 in the Republic of Turkey, in the Republic of Uzbekistan, in the Islamic Republic of Iran. The purpose of the training program is to create conditions for establishing business contacts between representatives of Russian business with foreign organizations and enterprises. The article presents the results of the training program, as well as the current state of the economy, indicators of trade turnover, ongoing joint projects, prospects and development problems of trade and economic relations between Russia and the countries of training. A practical important aspect for the further development of such programs is the analysis of the goals set by the training participants and the results they have achieved, which represent opportunities for the development of external trade and economic relations of Russia. Further development of the results obtained by the participants of the preparation will allow expanding and improving the trade and economic relations’ efficiency of the Russian Federation.

This article examines the foreign trade relations between the Russian Federation and the states of the Cooperation Council of the Arab States of the Persian Gulf (GCC) in the 21st century. It considers the development of bilateral trade and economic cooperation with Middle Eastern states, particularly the Arabian monarchies, as an essential direction for enhancing Russia's integration into the global economic system in the context of increasing anti-Russian sanctions. The study's relevance lies in the Russian Federation's need to intensify foreign trade and investment cooperation with friendly states under the current circumstances. The research holds theoretical and practical significance for understanding the characteristics, challenges, and future development of bilateral trade relations with Gulf states.The article aims to analyze the current state of mutual trade between the Russian Federation and GCC countries from 2000 to 2021 and identify the main factors influencing the dynamics and effectiveness of this trade. It establishes that trade and economic cooperation between both sides are founded on a stable objective basis, characterized by similarities and proximity in economic potential levels between the Russian Federation and the GCC countries as a collective business entity, considering individual country characteristics. The economic foundations and mutual benefits remain a priority for further cooperation. Trade volumes, both in goods and services, have shown steady growth, particularly in the past 5-6 years, although there are significant differentiations among countries. The United Arab Emirates (UAE) remains Russia's primary trading partner within the GCC. However, trade flows between Russia and the UAE, as well as other Gulf states, are imbalanced, with Russian exports to the Arabian monarchies significantly exceeding imports from the region. The commodity structure of bilateral trade also requires improvement, offering opportunities for both parties to enhance efficiency. The author suggests that future efforts should focus on developing trade in areas that contribute to economic diversification, the establishment of foundations for "green energy" and other promising sectors, and continuous enhancement of the regulatory framework for cooperation.The analysis draws on data from the UNCTAD international database, ensuring the formulation of reliable and well-founded conclusions. The research utilizes various methods, including comparative analysis, statistical analysis, factor analysis, as well as historical, institutional, and causal approaches.

With the help of the development of the banking system around the world, such a term as investment banking was formed. Thus, the current set of banking products and services for the most part does not allow satisfying the existing demand of customers, so banking institutions began to develop at a faster pace. It is the needs of customers that stimulate not only foreign, but also Russian banks to expand the range of services provided, as well as to improve their activities (including in terms of investments).To date for the implementation of the active development of banking services, investment banking is considered as one of the main elements.Now investment banking continues to play one of the most important roles in the process of financing the economic sector. Investment banking is one of the most promising areas of mediation of investment-oriented banks, the main task of which can be attributed to the implementation of investment interests on the part of clients.At the international level, the sphere of investment banking has an important role and place in the economic field. Investment banking is characterized by certain development prospects in the Russian Federation. The practical use of the methods presented in this scientific article can ensure the further development of this area of investment banking in Russia.The subject of research in the article is the economic relations that arise in the process of intermediary activities of investment banks. Research results are to identify relevant aspects of the functioning of investment banks in the Russian Federation. The author substantiated the directions for the development of investment banks in Russia, taking into account the elimination of existing shortcomings.

This article explores the economic relations between the Russian Federation and the Syrian Arab Republic, considers Russian investments in Syria, and analyses the trade turnover. Based on the results of the study and the current geopolitical situation, the prospects for the development of economic relations between the two countries are shown. Using methods of analysis, comparison and a historical approach, the author has concluded that economic relations between Russia and Syria, although quantitatively insignificant, have great prospects for development. One of the prerequisites for the development of trade between Russia and Syria is the pressure of sanctions on these countries. Commodity turnover between these countries is characterised by a much larger flow in one direction – to Syria, which is not surprising, as Syria has been under sanctions since 2011 and is still on its way to economic recovery.

The article presents an assessment of the factors influencing the balanced foreign trade ratio of foreign economic relations on the basis of the author’s methodological approach on the example of the Republic of Azerbaijan. The relevance of the study is due to the importance of optimizing foreign trade policy through an econometric assessment of factors affecting the balance of foreign trade ratio. The aim of the study is to form a model of econometric assessment of factors affecting the level of development of balanced foreign economic relations in conditions of uncertainty. The author uses entropy, statistical and econometric methods, including coefficient and regression analyses. The paper presents a regression analysis of the relationship between the balance of foreign trade activity, the entropy of exports and imports, the real and nominal effective exchange rate of the national currency against foreign currencies, the degree of openness of the economy, and assessment using the EViews software package. The synthesis of the theoretical and methodological apparatus presented in the modeling of factors affecting the balance of foreign trade activity constitutes the scientific novelty of the research. The study revealed that an increase in the nominal and effective exchange rate of the national currency of each country in relation to foreign currencies, as well as the degree of openness of the economy, significantly increases the coefficient of balanced foreign trade activity. The author concludes that by determining the entropy, quantity and usefulness of information on the share of the main import or export partner countries of the country under study, it is possible to assess the foreign trade activities of the countries, as well as the influence of the balanced coefficient of foreign trade on the nominal and effective exchange rate of the national currency in relation to foreign currencies. The results of the study can be used in subsequent studies to assess the factors affecting the level of development of balanced foreign economic relations of countries, and as a methodological basis for the policy of optimizing the management of the country’s economy.

Russia is strengthening its geopolitical influence. An example of this is the holding of the first Russia-Africa summit and economic forum in Sochi in October 2019. This event showed how important Africa is for Russia and how important Russia is for Africa. It was an epoch-making event that demonstrated to the world the degree of Russian-African mutual interest.With what has Russia approached this event and how will economic cooperation develop? This work is devoted to this. The article deals with the issues of mutual trade between Russia and African countries. The main African trade agents of the Russian Federation in recent years have been identified. The state of trade between Russia and African countries has been analyzed, according to which the indicators have grown significantly due to the increase in the volume of Russian exports to African countries. This, especially in the context of solving the import substitution program and developing new markets, is extremely promising, since the African market is large and Russian goods are competitive on it, which opens up new opportunities for increasing trade and cooperation.The main export and import positions have been determined. According to the study, it is necessary to revise export positions on the part of Russia, in particular, the transition from the fuel and energy direction to industrial goods, the provision of services and new technologies. Diversification of African exports is also necessary, by increasing the added value of goods, a transition to the industrialization of production and the use of high technologies.In this regard, the most promising seems to be the strengthening of cooperation between Russia and Africa in the direction of increasing the volume of trade, promoting Russian education, high technologies, services, medicine, increasing investment in the fuel and energy complex of African countries, cooperation in agriculture, fish farming, construction, water purification and other mutually beneficial directions. This will strengthen the positions of Russia and Africa as leading players in the world arena and will serve to strengthen the polycentric world order.

Relations between the EU and China are of global importance, and these ties are likely to expand in the coming years. Analyzing the trade relations between the EU and China in 2009-2018, the author notes their activation and at the same time the growth of instability and imbalance. The main purpose of this article is to answer the question, what are the success factors and problems of cooperation in the field of mutual trade, in order to identify the conditions that can play an important role in the process of strengthening bilateral ties between China and the European Union. According to the author, China and the European Union, taken together, can become engines of a more cooperative approach to world politics, global stability and regional economic prosperity.

The necessity to assess the inner investment potential of the retail trade enterprise to provide simple and/or expanded reproduction purposes and the feasibility of their implementation through comparing existing resources and their needs has been outlined. The methodology for determining the retail trade enterprise needs in investment resources has been presented based on the type and form of reproduction of the retail trade enterprise of Ukraine. The matrix "Sufficiency - Perspectivity" has been developed, which provides an analysis of the ratio of dynamics of available investment resources and their needs in the form of indexes of relevant analytical indicators in accordance with the general strategy of development of domestic retail. [ABSTRACT FROM AUTHOR]

This article studies the integration processes between Azerbaijan and Ukraine by using the indicators of the integratedness of the GDPs of these countries and of the trade turnover between them. The annual data from 1994 to 2018 are studied as the period of monitoring. All the studied time series are nonstationary, and in passing to the time series of differences, they retain only the information corresponding to short-term changes in their dynamics; while information about long-term changes in the process, contained in those levels of variables that are lost in the transition to differences, is lost. Therefore, problems of correct modelling of the corresponding time series, of which components lead to departure from stationarity, arise. The article uses the econometric methodology of the gravity modelling of the correlation between non-stationary time series. In the modelling, econometric methods, all the necessary step-by-step statistical procedures to determine the order of integratedness of the nonstationary time series, to identify the assessment of the parameters of the model and to check its adequacy and the accuracy of short-term and long-term predicted values are correctly used by applying Excel tools and the Eviews package. The departure of empirical tests from the trend is analyzed. The constructed dynamic analogue of the gravity model enables to qualitatively predict the status of integration of the foreign trade of the studied two countries. Based on the constructed model, econometrically sound recommendations that enable a dynamic analysis of effective regulation of the export and import transactions between these countries by the governments to balance the mutual trade have been developed. [ABSTRACT FROM AUTHOR]

Article is dedicated to the trade and economic links of USA and EU. The authors tried to find out key features and characteristics of these cooperation. The result of the investigation and the analysis is development of the term “economic anamorphosis”, the concept of which is the critical domination of the weight and share of limited list of partners in the system of bilateral cooperation, when one of the partners is regional economic integration, and the biggest share of trade, capital, human and other flows is attracted by these determined limited list of countries. Such situation can be estimated as disproportion of partner’s estimation and evaluation by each other. It means that economic integration is estimated not as the complex partner and subject of the global economy but with the using of deduction method.

The political and economic preconditions for cooperation between Russia and the Central Asian states in the project of the Silk Road Economic zone are considered. It is shown that such a framework is the international agreements of these countries and the formation of a single transport space within The Eurasian Economic Community / EAEC.

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The subject of the present study is the mechanisms of political and economic interaction of the People's Republic of China and the Federal Republic of Nigeria. The analysis of relations between China and African countries, as a rule, has a generalized character, although in practice they vary considerably across the continent. Therefore, it seems reasonable to study each case of bilateral contacts separately. Relations between China and Nigeria are developing faster than those between China and other African states. To a certain extent, this is due to the fact that the “Asian giant” - China - has the world's largest population and the fastest growing world economy, while the “African giant” - Nigeria - is the most populous country on the continent and has in recent years become the largest African economy and now seeks to become one of the 20 largest economies in the world. Although, of course, the main reason for China’s growing presence in Nigeria is the huge reserves of hydrocarbons that China’s national economy desperately needs, and Nigeria's vast consumer market that Chinese manufacturers are actively penetrating. However, unlike the relations of the Celestial Empire with other African countries, the relations of China with Nigeria in the last two decades have taken a shape of a strong political union supported by close cultural ties. The expansion of economic and political cooperation between the PRC and African countries raised the issue of balancing the positive and negative factors of China's growing presence on the continent. The analysis of the model of the Sino-Nigerian cooperation in various fields has shown that to date, despite the existence of certain problems, the development of trade and economic relations is a promising direction of bilateral cooperation.

The article is aimed at developing recommendations for analyzing the efficiency of industrial policy in Ukraine through the prism of the consumer market indicators. For the analyzing of efficiency of the State industrial policy in the sphere of consumer goods production its consideration through the prism of indicators of consumer market functioning is carried out. To this end, recommendations on the calculation of the integral indicator are proposed, which includes the following components: importance of the industry in the internal consumer market and indicators of the level of satisfying the demand by national producers in the internal market. Calculation of the integral indicator as to the specified partial indicators will help to carry out the analysis of efficiency of industrial policy of the State from the position of satisfaction of needs in domestic market according to each of industries, along with comparing its dynamics over different periods. A classification of industries with the use of cluster analysis by the k-averages method is carried out, allowing to identify groups of industries to prioritize use of the industrial policy instruments.

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This article describes the main characteristics, trends and issues of trade-economic cooperation between Russia and the United States in the period from 2012 to 2016 Examines the structure of trade, exports and imports, the dynamics of trade and investment flows in the period. Economic data characterizing trade and economic relations between Russia and the United States before and after the imposition of economic sanctions are compared. Future prospects of cooperation between the economies of the two countries are evaluated.

Copyright of Scientific Proceedings of Ostroh Academy National University Series, Economics is the property of National University of Ostroh Academy and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article focuses on the estimation of bilateral transboundary trade between Russia and China. The authors have suggested a hypothesis about the factors, which influence trade flows between the countries involved in trade relations. The research has resulted in a multiplicative model of the dependence of trade flow intensity upon several factors. Empirical estimation has shown that the coefficients used with the main variables of the model are relevant, thus proving the theoretical significance of the model. In the course of this research, the authors have concluded that the size of countries’ economies and their membership in the WTO determine the intensity of trade flows between the countries.

Turkey now is a regional leader due to economic success story of the past decade, changes in the economy's structure and dynamic. Since 1980th foreign trade has become the main driver of the economic growth. Due to liberalization policy Turkey was able to overcome the system crisis. The negative economic trends had contributed to the political instability. That's why it will be interesting to highlight some aspects of Turkish foreign trade policy, which influence the value, geographical and product orientation of foreign trade. Negative balance of trade is the result of its oil import dependence. But the export of goods with more value added has the trend to growth - 30% of exports come to machineries and transport equipments. After the collapse of the USSR Turkish-Russian economic relationship was facing revival. Trade and investment cooperation was developing rapidly. But the conflict of interest during the war in Syria led to growing differences between Russia and Turkey. 24th of November 2015 became a turning point for the Russian-Turkish relations, when Turkish fighter jet F-16 shot down a Russian military jet along the Syrian border. This tragedy had serious consequences for the bilateral economic relations. Huge investment pipeline project "Turkish stream" is freezed, the work of intergovernmental authorities is stopped, certain agricultural goods originated from Turkey is banned to the territory of the Russian Federation. Russia also suspended the visa-free regime for Turkish citizens, all charter flights to Turkey are prohibited. Nevertheless economic sanctions inevitable affect both the Turkish and Russian economies, but Russia is still one of the main partners of Turkey.

Turkey now is a regional leader due to economic success story of the past decade, changes in the economy's structure and dynamic. Since 1980th foreign trade has become the main driver of the economic growth. Due to liberalization policy Turkey was able to overcome the system crisis. The negative economic trends had contributed to the political instability. That's why it will be interesting to highlight some aspects of Turkish foreign trade policy, which influence the value, geographical and product orientation of foreign trade. Negative balance of trade is the result of its oil import dependence. But the export of goods with more value added has the trend to growth - 30% of exports come to machineries and transport equipments. After the collapse of the USSR Turkish-Russian economic relationship was facing revival. Trade and investment cooperation was developing rapidly. But the conflict of interest during the war in Syria led to growing differences between Russia and Turkey. 24th of November 2015 became a turning point for the Russian-Turkish relations, when Turkish fighter jet F-16 shot down a Russian military jet along the Syrian border. This tragedy had serious consequences for the bilateral economic relations. Huge investment pipeline project "Turkish stream" is freezed, the work of intergovernmental authorities is stopped, certain agricultural goods originated from Turkey is banned to the territory of the Russian Federation. Russia also suspended the visa-free regime for Turkish citizens, all charter flights to Turkey are prohibited. Nevertheless economic sanctions inevitable affect both the Turkish and Russian economies, but Russia is still one of the main partners of Turkey.

The paper discusses in detail general prospects and concrete routes of expansion of economic, financial, investment cooperation within SCO, in the author’s opinion this organization should become the main platform for construction of Silk Road Economic Belt.

Based on econometric modeling, we proved the good relationship between foreign trade turnover and trade balance with the GDP of the Russian Federation. We identified the varying opinions of the Russian and foreign scholars on the impact of sanctions and countersanctions on the Russian economy. Based on the data on the absolute values of the trade turnover, export, import, and trade balance of Russia from 2010 to 2018, we revealed the positive dynamics of these indices, despite their negative values in 2014-2016. This allowed making a conclusion that the overall results of imposing sanctions and countersanctions for the Russian trade turnover and trade balance is rather positive than negative. This refutes the statements of western politicians, representatives of their subordinate international organizations, and some Russian and foreign scholars about the definitely negative role of sanctions and countersanctions. As a result, it is proposed to review the prospects of imposing additional countersanctions on western countries, which would allow developing the non-food sectors of the Russian economy.