Sergei Sinelnikov-Murylev, Rector of Russian Trade Academy (VAVT) of the Ministry of economic development of the Russian Federation, Academic director of the Gaidar Institute, said in a commentary to TASS that in response to sanctions imposed by the West on imports of semiconductors to Russia, Moscow can reorient to Asian suppliers.

"The total volume of semiconductor imports, which is expected to fall under the restrictions, is estimated at about $470 mn constituting nearly a quarter of imports of this product to Russia," said Sergey Sinelnikov-Murylev.

He assumed that these imports can be reoriented towards Asian partners, which “will probably result in higher prices for relevant goods, but the effect on inflation will be minimal.” Moreover, Russian economy is quite stable and largely focused on the domestic market.

"The economic dynamics have demonstrated this relatively successfully amid crisis. This, on the one hand, is a factor restraining economic growth, but as far as sanctions are concerned, it allows the economy to survive the changes with little loss," the expert believes.

The reduction of imports resulted from sanctions in conjunction with the effective implementation of national projects creates certain conditions for the processes of its replacement by domestic production, believes Sergey Sinelnikov-Murylev.

"It is important that these processes are also supported by trade policy measures, including a certain adaptation of tariff and customs regulation to new conditions. To compensate for the loss of export markets resulted from sanctions, including those affecting the Russian Export Center, it is critical to adjust regulatory requirements to exporters as well," the expert concluded.