Trade sanctions and Russian production

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Title: Trade sanctions and Russian production
Author: Simola, Heli
Organization: Bank of Finland
Department / Unit: Bank of Finland Institute for Emerging Economies (BOFIT)
Series: BOFIT Policy Brief
Series number: 4/2022
Year of publication: 2022
Publication date: 10.5.2022
Pages: 11
Subject (yso): ulkomaankauppa; pakotteet; vaikutukset; tuotanto; vienti; tuonti
Keywords: Bofit-kokoelma; Venäjä
Other keywords: Russia; trade; sanctions; input-output
Abstract: The EU, US and several other countries have responded with a wide range of new economic sanctions on Russia in response to the military attack on Ukraine. These sanctions include various restrictive measures on trade with Russia. In this brief, we examine the potential short-term effects of trade sanctions on Russian production with an input-output framework. We find that the trade sanctions can have substantial negative effects on Russian production when Russia is unable to find alternative markets for imports and exports. Keywords: Russia, trade, sanctions, input-output
Table of contents: Abstract ... 3 1. Introduction ... 4 2. Sanctions restricting exports to Russia ... 4 3. Sanctions restricting imports from Russia ... 6 4. Concluding remarks ... 7 References ... 9

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