Russia posseses the wherewithal in terms of know-how and finances to produce a vast plethora of mid-tech and even certain categories of mid-tech goods to meet the vast majority of its domestic demand for such goods. I am. It too familiar with Russia's semiconductor IC chip, and semiconductor manufacturing equipment capabilities, but I have read that Russia has indigenous capabilities of manufacturing lithographic equipment and chips down to the 60 or 90 nm node ranges.
The West employ a strategy of ensuring the dominance of a financial system that they control - with the United States having the most influence - and luring investors, companies, and states of other countries to access financial capital and assets within Western countries, as well as to attract their investment, often selling their foreign direct investment as the only route towards prosperity, so as to ensure a economic dependency that eventually leads to a political dependency through the threats of a cut-off from their financial system for whatever reason and for whatever pretexts to greatly influence or compel particular states to follow their policies.
The Russian oligarchs were/are drunk on access to finances and perks and other sirens of the West. But the Russian state has ensured that it does have significant leverage by making many European countries, and the most important one in particular, Germany, very dependent on it for arguably the most fundamental commodity necessary for any modern industrialized economy from the late 19th century onwards: ENERGY.
But Russia will not be able to play the energy card for much longer, especially after this Ukrainian conflict. Aside from the fact that there is actually a slow transition away from a fossil fuel dominated economy within the industrialized and developed countries of the world, the West has realized that its options of punishing Russia for undertaking actions that it does not like or otherwise wouldn't tolerate are greatly limited because of their dependency of energy from Russia, and they will definitely accelerate transitioning away from Russia for energy supplies, be they in the use of fossil fuels and non-fossil fuels. Accordingly, Russia must also adjust itself so as to ensure that fossil fuel exports and fossil fuel production are a much lesser component of both its exports, but in particular of its economy, and it must pursue as comprehensive an import substitution policy as possible, targeting especially having all manner of categories of state of the art consumer and especially capital goods that it can produce for itself. Non-Western countries, especially outside of East Asia, will gladly purchase such goods themselves if they are competitively priced.
