CIS Countries Foreign Economic Activity — from Challenges to New Opportunities

Aim and tasks. To identify current trends and issues in foreign trade, the international financial system, and the investment activity of CIS member states, and to provide recommendations that contribute to sustainable economic development and strengthened mutual cooperation.

Methods. Utilized statistics from the external sectors of CIS economies from 2019 to 2023. Methods of aggregation, comparison, retrospective, and indicative analysis were applied to the data. Graphical representation of indicators allowed for visualization of key trends in the studied metrics, calculated from data provided by the Interstate Statistical Committee of the CIS, the World Bank, UNCTAD, and the Brookings Institution.

Results. In recent years, the CIS has faced several global shocks that have affected the international economic relations of its members with each other and with third countries. Despite external destabilizing influences and geopolitical turbulence, CIS member states maintain resilience and a positive development trajectory, largely due to mutually beneficial cooperation with Russia — an essential economic partner. Russia holds a leading position in mutual trade with CIS countries, and the reorientation of Russian exports to “friendly” countries has stimulated regional trade turnover. The burden of external debt for CIS national economies is decreasing, and their debt stability and solvency are normalizing. Less positive situation is in direct investment flows, which remain unstable and unevenly distributed among countries.

Conclusions. In the context of individual national economies, it is fair to note that the complex geopolitical environment and unprecedented external economic pressures narrow opportunities for economic growth and sustainable development. However, this statement is not always true for interstate associations, and CIS member states are a prime example of this. Currently, during a challenging period that requires solidarity and mutual support from participants, the potential of this union can be fully realized. A thorough study of the issue can reveal numerous promising areas for mutually beneficial cooperation in trade, credit, and investment relations. It is necessary to eliminate integration barriers to transform the CIS into a powerful and influential international organization.

1. Babaev K. V. Russia and Central Asia: Trends and Prospects // Eurasian Research. 2024. No. 1. P. 17–23. (In Russ.) EDN: HHVAHD. DOI: 10.24412/cl-37229-2024-1-17-23

2. Bagdasaryan K. M. World Economy Structural Transformation // Eurasian Scientific Journal. 2024. Vol. 16. No. 2. P. 1–16. (In Russ.) EDN: EZUBJF. DOI: 10.15862/18ECVN224

3. Glaziev S. Yu. What’s Going on. Report to the Izborsky Club // Free thought. 2022. No. 5. P. 5–44. (I n Russ.) EDN: TGZHOS

4. Goncharov M. S. Formation of a Mechanism for Structural and Innovative Transformations of the Coal Industry and Development of Measures for their Implementation : dissertation for the degree of Candidate of Economic Sciences. Moscow, 2024. 160 p. EDN: PWVVOJ

5. Grishina T. M. The Evolution of the Eurasian Economic Integration: A Comparative Historical Analysis // Business Security. 2023. No. 1. P. 6–10. (In Russ.) EDN: PIYVGE. DOI: 10.18572/2072-3644-2023-1-6-10

6. Guseinov T. T. Azerbaijan in Regional Integration Processes: Role and Prospects of Interaction with the EAEU // RUDN Journal of Economics. 2024. Vol. 32. No. 1. P. 69–87. (In Russ.) EDN: PFAUDN. DOI: 10.22363/2313-2329-2024-32-1-69-87

7. Ziyadullaev N. S. Economy of the Commonwealth Countries: Retrospective, Strategies and Imperatives : monograph / ed. by V. A. Tsvetkova. Moscow : MEI RAS, 2022. 240 p. ISBN: 978-5-6043908-3-2. (In Russ.) EDN: ADSFWY. DOI: 10.33051/978-5-6043908-3-2-2021-1-238

8. Zubenko V. V. Structural Changes in the Economy and Forms of Cooperation between the EAEU and other CIS Countries at Different Stages of Integration Interaction // Journal of Economy and Entrepreneurship. 2023. No. 4. P. 146–154. (In Russ.) EDN: MHCVVE. DOI: 10.34925/EIP.2023.153.4.025

9. Kim Z. Kh., Nguen T. T. M., Ten K. I., Fam T. M. Kh. Regional Aspects of International Relations in the post-Soviet Space // Etnosoсium (multinational society). 2024. No. 5. P. 94–100. (In Russ.) EDN: PRQLXJ

10. EDB Mutual Investment Monitoring – 2023 / ed. by A. Malakhova, E. Serika, A. Zaboeva. Almaty : Eurasian Development Bank, 2023. 62 p. (In Russ.) URL: https://eabr.org/upload/iblock/82b/EDB_2023_Report-5_Monitoring-of-Mutual-Investments_rus.pdf

11. Morozov G. K., Pigarev V. D. Features of Development and Emerging Risks in Mutual Cooperation of the EAEU and CIS Member States // Economic Development Research Journal. 2023. No. 1. P. 113–122. (In Russ.) EDN: SMLXUV. DOI: 10.54092/25420208_2023_1_113

12. Post-Soviet States at the Present Stage: Internal Political Dynamics and the Search for Development Paths : collective monograph / ed. by Eh. G. Solov’ev. Moscow : IMEMO RAS, 2024. 209 p. ISBN: 978-5-9535-0623-6. (In Russ.) EDN: HWSFAL. DOI: 10.20542/978-5-9535-0623-6

13. Savintseva S. A., Kraev M. P. Eurasian Economic Union as a New Type of Economic Union // Management Accounting. 2024. No. 4. P. 224–231. (In Russ.) EDN: BCJRNE

14. Hasanov F. J., Aliyev R., Taskin D., Suleymanov E. Oil Rents and non-Oil Economic Growth in CIS Oil Exporters. The Role of Financial Development // Resources Policy. 2023. Vol. 82. No. 103523. P. 1–21. DOI: 10.1016/j.resourpol.2023.103523

15. Ngoma N. S. Impact of Sanctions on Russia’s Foreign Trade // Journal of International Economic Affairs. 2024. Vol. 14. No. 2. P. 297–322. DOI: 10.18334/eo.14.2.120821