1673E. Sidorova (yelena.sidorova@yahoo.com),
Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow, 117997, Russian Federation;
MGIMO University, 76, Prosp. Vernadskogo, Moscow, 119454, Russian Federation
Acknowledgements. The article was prepared at the Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences and supported by a grant from the Russian Science Foundation (project no. 14-28-00097 “The optimization of Russian external investment ties in the conditions of deteriorating relations with the EU”).
Abstract. A new dimension of the globalization process of the 21st century is the spread of global value chains (GVCs), or fragmentation of production. The construction of value chains in the transnational context is shown. The concepts, peculiarities of GVCs, estimation of participation in them of particular countries, including Russia, are considered. Russia’s role in GVCs as one of the world’s leading energy suppliers is analyzed on the basis of current statistics of leading international databases (WIOD, TiVA). For successful integration of Russia into the GVC, it is necessary to reconsider the priorities of state industrial and economic policy. Taking that into account, one of the main goals should become creating healthy institutional environment and developing the strategy of supporting national companies in the strategic economic spheres (especially in manufacturing). While adjusting the state economic policy it’s important not only to create new competitive advantages, but also to maintain the existing ones. Russian Federation plays a significant role in the GVCs as one of the world’s main natural resources suppliers, with high revenues of the energy companies involved. It’s important to broaden Russian companies’ activity in the GVCs not only in the lower parts (resources), but also to move upward the GVC by taking part in the upper levels (R&D, marketing, etc.). Russian energy policy in the last few years noticeably changed. The existing GVCs with the EU companies have been created decades ago, main Russian energy companies are important part of European GVC’s. But now, due to political situation, such cooperation is considered to be mostly vulnerability, and not as solemnly benefit. Moreover, such situation coincides with the existing great demand for the energy resources from the countries of the Asian-Pacific region, especially China. Therefore, Russian “Turn to the East”, which was initially a geopolitical move, has gained a strong economic dimension now.
Keywords: Global value chains (GVCs), world economy, globalization, Russia, fuel and energy complex
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