Sanctions and counter-sanctions – What are their economic effects in Russia and elsewhere?

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Title: Sanctions and counter-sanctions – What are their economic effects in Russia and elsewhere?
Author: Korhonen, Iikka
ORCID: 0000-0002-9037-7797
Organization: Bank of Finland
Department / Unit: Siirtymätalouksien tutkimuslaitos (BOFIT)
Institute for Economies in Transition (BOFIT)
Series: BOFIT Policy Brief
ISSN: 2342-205X
Series year: 2019
Series number: 2/2019
Year of publication: 2019
Publication date: 13.9.2019
Pages: 14
Subject (yso): pakotteet; ulkomaankauppa; pääomanliikkeet; öljy; hinnat
Keywords: Bofit-kokoelma; Venäjä
Other keywords: sanctions; foreign trade; capital flows; oil price; Russia
Abstract: In this note, I review the literature on the economic effects of sanctions against Russia and Russia’s counter-sanctions. As a general observation, studies of the macroeconomic effects of sanctions on Russia and their effects on international trade and financial flows must deal with the nearly concurrent oil price collapse at the introduction of sanctions. Most papers support the view that sanctions have worked as planned, noting the drag they have imposed on Russia’s general economic development since 2014. This adverse effect most likely operates by depressing both foreign trade and foreign capital flows into Russia. Russia’s own counter-sanctions have also had a clear negative effect on the welfare of the average Russian household.
Rights: https://helda.helsinki.fi/bof/copyright


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