In this research work, Author focus on the current analysis trends in foreign trade theory and policy. Accordance with the foreign trade policy theory further trade liberalisation and improved framework policies would increase trade and promote growth. It must be emphasized that openness to trade is associated with higher incomes and growth and there is the need for new approaches to trade cooperation in light of the forces that are currently re-shaping international business. What indicates the importance and innovativeness of the research is the presentation of the new models of the foreign trade policy and trade interests. First of all, it must underline that in the new theoretical terms in demand for trade policy very important is factor specificity. The low specificity of factors means that factor returns are equalized throughout a region’s economy. On the other hand, some factors are stuck in their present uses; therefore, factor returns are not equalized throughout a region’s economy but are industry specific. The main objective of the research task is to give a comprehensive analysis of current trends in foreign trade theory and policy and in particular models of foreign trade policy, trade interests indicated by export orientation and import sensitivity, foreign trade policy in different types of authoritarian regimes, protectionist pressures in different political system, the level of protectionist pressures, the tendencies to bilateralism in the foreign trade policy. It should be stressed that free trade in itself is not responsible for economic growth, but more significant are the determining macroeconomic stability and increasing investment.

Economic relations between Russia and Eastern Europe are reasonably stable, but they are characterized by lack of scale. Therefore, sanctions/contrsanctions have not a systemic effect on bilateral relations, although they have on individual companies. Prospects for Russia’s economic relations with the Eastern European countries are evaluated in terms of their embeddedness in the overall relations between Russia and the West. It follows that is not necessary to expect a quick lifting of sanctions, despite the obvious decline over time the economic damage they cause to all parties involved. Possible in the long term mutual cancellation of sanctions regimes will likely be expressed in increase of the positive effects on normalization of trade and investment, but the magnitude of these effects will hardly be noticeable.