What Economic Policy Does Russia Need Under the Sanctions?

In addition to the factors already negatively affecting the Russian economy (slowing growth, high inflation, etc.), there are now the external constraints resulting from Western sanctions. A new round of U.S. and EU sanctions necessitates the further enhancement of the internal market and national monetary policy in order to ensure continued economic development. Since many of the current sanctions relate to access to financial markets (borrowing, securities offerings, etc.), it is imperative to galvanize internal financial mechanisms to compensate for the reduction of external resources. This will require a significant adjustment of fiscal and monetary policy.