Economic sanctions and import substitution

The article focuses on the economic sanctions theory development in the modern global economy. The content of the economic sanctions theory and practice transformation under the influence of internationalization and globalization of markets for goods and services is disclosed. The study analyzes the economic content of sanctions. The goals and grounds for imposing sanctions are defined. The authors classify the types and forms of economic sanctions applied in the modern global economy. The conditions for achieving an impact of economic sanctions are formulated. The attempt is made to assess the economic efficiency of sanctions and their counter-sanction measures. The losses and consequences, both for the countries imposing the sanctions and for countries under pressure, are identified. Factors affecting the distribution of losses from the imposition of economic sanctions are disclosed. The main directions of the economic sanctions content and application practice transformation in the global economy are identified.