Importance Foreign economic sanctions made the Government of the Russian Federation articulate and undertake adequate countermeasures, which closed the Russian market for foreign goods and agricultural products in particular. This aspect made the authorities revise priorities of the national agricultural development. Import substitution stands on the front-line, being a critical issue for the country. Objectives The research reviews the current situation in agriculture and analyzes changes that took place during the economic opposition between Russia and the Western countries. We determined how import substitution influences pricing in the food market of the Russian Federation, and, in case of negative trends, propose our methods to stabilize pricing policies. Methods The research compares and analyzes statistical indicators of economic activities pursuing substitution of imported goods banned. Results We prove that import substitution insufficiently grows in Russia. Extensive development of agriculture is ineffective either, as a simple import ban causes growth in prices. Russia needs a comprehensive approach to addressing the issue. That is why we proposed amendments to the Russian legislation, which would allow to regulate pricing in the food market. Conclusions and Relevance We concluded what caused the conflict between Russia and the Western countries due to sanctions, presented statistical data on agriculture for the period. The article illustrates certain achievements of the import substitution policies and their effect on the pricing policies. We substantiated the need to amend the legislative framework for regulating pricing policies in the food market during economic instability.
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