Abstract <p>The article provides a comprehensive analysis of the progress of import substitution in Russian mechanical engineering, based on current statistics and research data for 2022–2025. It is established that, despite the accelerated government policy over the past ten years, the expected large-scale economic impact has not been fully achieved. The key trends are characterized by rapid revenue growth for small and medium-sized enterprises (SMEs), which have become the new driving forces in the industry, and simultaneous exacerbation of existing problems: structural dependence on the import of critical components, labor shortage, and low productivity. The study utilizes comparative analysis of statistical data, assessments of government support measures, and expert assessments. It is concluded that in order to achieve true technological sovereignty, the current import substitution model, focused on quickly filling market gaps, requires a shift in priorities toward deep technological localization and strengthening of the human resource potential.</p>