Russia’s economic diplomacy system: Key transformations after February 24, 2022

Under unprecedented sanctions pressure, the Russian Federation’s foreign economic activity is facing a number of fundamentally new challenges. This article examines how Russia’s economic diplomacy system is adapting to these challenges. The key strategies of this adaptation encompass the reconfiguration of trade flows and the diversification of export destinations, the development of parallel imports and new logistics routes, and the search for new foreign partners. The first section of the article examines the recent changes in the activities of key state departments and institutions responsible for Russia’s foreign economic policy. These include the Ministry of Economic Development, the Ministry of Foreign Affairs, and the Ministry of Industry and Trade. The network of Russian foreign missions, including trade missions, embassies, and consulates, receives special attention. The second section analyzes the activities of Russian state corporations as actors of economic diplomacy. In particular, the author examines the projects implemented by the Russian Export Center, VEB.RF, Public Joint Stock Company ‘Gazprom’, and the State Corporation ‘Rostec’. The author concludes that, under current conditions, the effectiveness of the Russian Federation’s foreign economic activity is determined not only by the scale of state support (recovery of costs, expanded measures for non-resource exports, development of special economic zones, programs by VEB.RF and the Russian Export Center) but also by the degree of institutional coherence among all key actors of Russia’s economic diplomacy. It is due to this coherence that the Russian Federation has managed, despite sanctions pressure, to promote preferential regimes of special economic zones, provide international investors with guarantees of political and legal support, and build negotiating positions for concluding industrial supply agreements.