Russia is very actively involved in the international economic relations (IER). Participation in the ERI brings both substantial benefits – through foreign currency earnings from the export of resources and extremely negative effects for the economy – the flight of capital, substitution of domestic products through goods manufactured abroad. This article discusses various aspects of Russia’s participation in international economic relations. The problem of global imbalances and the balance of payments in Russia is analyzed. It is shown that Russia is one of the countries receiving as a result of foreign trade, the greatest benefit from global imbalances At the same time, this effect is being annihilated by the negative financial account balance. The sanctions of Western countries against the Russian economy are scrutinized. The impact of sanctions on the economy is analyzed based on the analysis of foreign economic relations of Russia. A list of the measures necessary to ensure the modernization of the Russian economy both under sanctions and, regardless of their retention or abolition, as a whole, in the coming years is presented. Factors influencing the modernization of the industry, are development of the financial system, the control of tariffs of natural monopolies, development of infrastructure. The extremely important measures is increase of resource and energy efficiency ( targeted), including industry standards; updating of funds; productivity growth. The indirect measure to support the industry present government expenditures on research and development. Along with the devaluation as the course of sanctions it is necessary to maintain the systemic industrial and agricultural policy. Here is the key to development and changes in economy structure.