The volume of semiconductor imports that are subject to sanctions against Russia may be about $470 million, but there is an opportunity to reorient supplies to Asian countries, Sergey Sinelnikov-Murylev, rector of the All-Russian Academy of Foreign Trade (VAVT) of the Ministry of Economic Development of the Russian Federation, told TASS.
Cooperation with partners from Asia may lead to higher prices for relevant goods, but “the effect on inflation will be minimal,” the expert said.
“The total volume of semiconductor imports that are expected to be subject to restrictions is estimated at about $470 million, which is about a quarter of the imports of this product to Russia,” Sinelnikov-Murylev said.
He called the Russian economy quite stable and focused in many areas on the domestic market. In the event of sanctions, the economy will survive the changes with little loss, the expert believes.
The rector of the VAVT added that as a result of the imposition of sanctions and the implementation of national projects in Russia, conditions for import substitution will appear. For this, it is important to support trade policy measures, including the adaptation of tariff and customs regulation to new conditions. It is possible to compensate for the loss of export markets by adjusting regulatory requirements for exporters, Sinelnikov-Murylev emphasized.
Sanctions against Russia were imposed by the United States, Great Britain and the European Union after the recognition of the independence of the Donetsk and Luhansk People’s Republics by the Russian Federation and the start of a military operation in Ukraine. Restrictions on the supply of high-tech goods to Russia will lead to some problems, but the country has adapted to life under sanctions and will be able to circumvent the negative consequences of such bans, said Dmitry Peskov, a spokesman for the President of the Russian Federation.
Earlier, Taiwanese TSMC (one of the largest semiconductor manufacturers in the world) warned Russian microelectronics developers that the US is demanding that the company stop cooperating with counterparties from Russia. This decision will stop for an indefinite period the production and implementation of technology on Russian processors, said Ivan Pokrovsky, executive director of the Association of Russian Developers and Electronics Manufacturers. According to him, the developers will have to look for alternative factories.
Taiwan also condemned Russia’s military operation in Ukraine and announced its intention to join international anti-Russian sanctions.