The policy of import substitution intensified in Russia in the second half of 2014 against the background of sanctions by the United States, the European Union and some other countries, as well as the introduction of counter-sanctions in the country. However, over the past period, no strong positive results of this policy have been noted in agriculture, with the exception of a narrow group of goods. An obvious negative consequence was the increase in prices on the consumer market and the restriction of the choice of food products. The share of machinery and equipment in imports has not decreased and the share of these goods in Russian exports has not increased. The article briefly describes the history of the formation of the import substitution policy in the World, its positive and negative sides. Taking into account the historical experience of the use of import substitution in the world, the author tries to identify the reasons for the lack of results of this policy in Russia. One of these reasons, according to the author, is excessive politicization, as well as bureaucratization in the implementation of the import substitution policy to the detriment of the economic content of this policy, which is confirmed by the lack of necessary calculations and a period of time for the implementation of the import substitution policy. Based on personal experience, the author also points out the negative effects of the import substitution policy that are manifested outside the economy and business, in particular, in the fi eld of higher education, which is often manifested in the distorted initial view of many students about the essence and goals of the import substitution policy. The author comes to the conclusion that only when understanding import substitution as an economic policy one can expect that this policy will benefit the Russian economy.