The article is devoted to a socio-economic study of the state and development of the economy of the Altai Territory in the context of the coronavirus pandemic and the consequences of the sanctions imposed on the initiative of the European Union and the United States since 2014. As an objective assessment of the consequences of the coronavirus pandemic and sanctions on the region’s economy, this article proposes a mechanism for using econometric methods in the process of economic and mathematical modeling of the gross regional product in order to show the relationship and interdependence between the gross regional product and the identified main factors directly affecting it influence. Using the Cobb-Douglas production function and a linear multiple regression model, the article analyzes the relationship and interdependence of the gross regional product on the cost of fixed assets, investments, the number of employed people. The results obtained made it possible to formulate a conclusion about the very insignificant effectiveness of the impact of sanctions measures and the consequences of the coronavirus pandemic on the gross regional product.