Research Article
BibTex RIS Cite

Financial Sanctions from an Economic-Political Perspective: An Evaluation of Sanctions against Russia

Year 2025, Issue: 118, 253 - 284, 18.06.2025
https://doi.org/10.36484/liberal.1696464

Abstract

The aim of this study is to examine financial sanctions, which have become an important foreign policy tool today, on a conceptual and historical level and to analyze them in the context of economic politics through the example of Russia. As a result of the evaluations, it has been determined that the number of countries
targeted with financial sanctions has been increasing, and the share of such sanctions in total sanctions has increased rapidly, especially after the start of the Russia-Ukraine war in 2022. In addition, it is seen that among the financial sanctions, measures such as restricting access to infrastructures and institutions that carry out international payments and freezing assets are prominent. The United Nations on a global scale, the European Union on a regional level, and the United States on an individual level are leaders in initiating sanctions, and with this position they can force many countries to make policy changes. On the other hand, this situation encourages new alliances and alternative monetary and financial structures among developing countries; thus, it accelerates the transformation efforts in the international monetary and financial system.
Keywords:

References

  • Besedeš, T., Goldbach, S., Nitsch, V. (2023). Smart or Smash? The Effect of Financial Sanctions on Trade in Goods and Services, CESifo Working Papers, No. 10635.
  • Bianchi, J. ve Sosa-Padilla, C. (2023). The Macroeconomic Consequences of International Financial Sanctions, AEA Papers and Proceedings, 113: 29–32.
  • Castellum.AI, (2025). Russia Sanctions Dashboard, https://www.castellum.ai/russia-sanctions-dashboard (22.02.2025).
  • Cipriani, M., Goldberg L. S. ve La Spada, G. (2024). Financial Sanctions, SWIFT, and the Architecture of The International Payment System, Journal of Economic Perspectives, 37(1), 31-52.
  • Crepaldi, A. (2023). International Financial Sanctions: History, Ratio and The Sberbank Study Case, Master Thesis, Ca’Foscari University of Venice.
  • da Silva, M. R. (2025). Western Sanctions against Russia in the Ukraine War: Effects of Russian Strategies on the Development of Multilateralism, Open Journal of Social Sciences, 13(1), 400-418.
  • Drezner, D. W. (2024). Global Economic Sanctions, Annual Review of Political Science, 27, 9–24.
  • Early, B. ve Peksen, D. (2019). Searching in the Shadows: The Impact of Economic Sanctions on Informal Economies, Political Research Quarterly, 72(4), 821-834.
  • Egger, P., Syropoulos, C. ve Yotov, Y. V. (2024). Analyzing The Effects of Economic Sanctions: Recent Theory, Data, and Quantification. Review of International Economics, 32(1), 1-11.
  • EU Sanctions Map. (2025). Restrictive Measures in View of Russia’s Actions Destabilising The Situation in Ukraine (Sectoral Restrictive Measures), https://www.sanctionsmap.eu/api/v1/pdf/regime?id[]=61&id[]=63&id[]=26&lang=en (02.03.2025).
  • Felbermayr, G., Kirilakha, A., Syropoulos, C., Yalcin, E. and Yotov, Y. V. (2020). The Global Sanctions Data Base, European Economic Review, 2020, 129.
  • Felbermayr, G., Morgan, T. C., Syropoulos, C. and Yotov, Y. V. (2024). Economic Sanctions: Stylized Facts and Quantitative Evidence, CGPA Working Paper 2024-01, Center for Global Policy Analysis, LeBow College of Business, Drexel University.
  • Goldbach, S. ve Nitsch, V. (2023). On the Economic Effects of Financial Sanctions: Evidence from Germany, EconPol Forum, 24, 19-22.
  • GSDB. (2025). Global Sanctions Data Base, https://www.globalsanctionsdatabase.com/data/, (15.04.2025).
  • Gutmann, J., Neuenkirch, M. ve Neumeier, F. (2021). The Economic Effects of International Sanctions: An Event Study, CESifo Working Papers, No. 3007/2021 Munich Society for the Promotion of Economic Research.
  • Gutmann, J., Neuenkirch, M. ve Neumeier, F. (2023). The Impact of Economic Sanctions on Target Countries: A Review of the Empirical Evidence, Policy Debate of The Hour, EconPol Forum, 24, 5-9.
  • Gutmann, J., Neuenkirch, M. ve Neumeier, F. (2024). Political Economy of International Sanctions, ILE Working Paper Series, No. 81, University of Hamburg, Institute of Law and Economics (ILE), Hamburg.
  • Hadjiemmanuil, C. (2024). Economic and Financial Sanctions in International Law: Nature, Sources and Reviewability, LSE Law, Society and Economy Working Papers, No. 3/2024.
  • Hatipoglu, E. ve Peksen, D. (2018). Economic Sanctions and Banking Crises in Target Economies, Defence and Peace Economics, 29(2), 171-189.
  • IMF. (2025). World Economic Outlook Database, April 22, (02.05.2025).
  • Krulikowski, S. (2024). Economic Sanctions: An Overview, U.S. International Trade Commission, Executive Briefings on Trade, March.
  • Lacy, D. and Niou, E. M. S. (2004). A Theory of Economic Sanctions and Issue Linkage: The Roles of Preferences, Information, and Threats, The Journal of Politics, 66(1), 25-42.
  • Mayer, J. (2024). De-dollarization: The Global Payment Infrastructure and Wholesale Central Bank Digital Currencies, FMM Working Paper, No. 102, Forum for Macroeconomics and Macroeconomic Policies (FMM), Düsseldorf.
  • Mohammed, M.A., De-Pablos-Heredero, C. ve Montes Botella, J.L. (2024). The Role of Financial Sanctions and Financial Development Factors on Central Bank Digital Currency Implementation, FinTech, 3, 135–150.
  • Neuenkirch, M. ve Neumeier, F. (2016). The Impact of US Sanctions on Poverty. Journal of Development Economics, 121, 110-119.
  • OFAC. (2024). Sanctions Risk for Foreign Financial Institutions that Join Russian Financial Messaging System, System for Transfer of Financial Messages, OFAC Alert, Office of Foreign Assets Control, November, https://ofac.treasury.gov/media/933656/download?inline, (01.10.2025)
  • Peksen, D. ve Woo, B. (2018). Economic Sanctions and the Politics of IMF Lending, International Interactions, 44 (4), 681-708.
  • Quaglia, L. ve Verdun, A. (2023). Weaponisation of Finance: The Role of European Central Banks and Financial Sanctions against Russia, West European Politics, 46(5), 872-895.
  • Sanusi, A. R., Mamman, S. O., Iliyasu, J. ve Abubakar, A. B. (2025). Financial Sanctions and the Share of US Dollar in Global Reserve Currencies: Evidence from The Least Absolute Shrinkage and Selection Operator (LASSO) Model, Applied Economics Letters, 32(2), 218-221.
  • Sossai, M. (2019). Legality of Extraterritorial Sanctions, in Economic Sanctions in International Law and Practice, Edited By Asada, Masahiko, Routledge, London, 62-79.
  • Steinbach, A. (2023). Financial Sanctions Warfare, HEC Paris Research Paper, No. LAW-2023-1496, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4589540, (25.01.2025)
  • Thouvenin, J. M. (2019). History of Implementation of Sanctions, in Economic Sanctions in International Law and Practice, Edited By Asada, Masahiko, Routledge, London, 83-92.
  • Tzouvala, N. (2024). Sanctions, Dollar Hegemony, and the Unraveling of Third World Sovereignty, Symposium, Third World Approaches to International Law & Economic Sanctions, https://yjil.yale.edu/posts/2024-06-10-sanctions-dollar-hegemony-and-the-unraveling-of-third-world-sovereignty, (10.01.2025).
  • Wong, L. ve Nelson, R. M. (2021). International Financial Messaging Systems, CRS Report, Congressional Research Service.
  • Yalcin, E., Felbermayr G., Kariem, H., Kirilakha, A., Kwon, O., Syropoulos, C. ve Yotov, Y. V. (2025). The Global Sanctions Data Base- Release 4: The Heterogeneous Effects of the Sanctions on Russia, CGPA Working Paper, No. 2025-02, Center for Global Policy Analysis, LeBow College of Business, Drexel University.
  • Zhou, I. (2022). Russia’s Exclusion from SWIFT: An Explainer, Parliamentary Library, Parliament of Australia.

Ekonomi-Politik Perspektiften Finansal Yaptırımlar: Rusya’ya Yönelik Yaptırımlar Üzerinden Bir Değerlendirme

Year 2025, Issue: 118, 253 - 284, 18.06.2025
https://doi.org/10.36484/liberal.1696464

Abstract

Bu çalışmanın amacı, günümüzde önemli bir dış politika aracına dönüşmüş olan finansal yaptırımların kavramsal ve tarihsel düzlemde incelenmesi ve Rusya örneği üzerinden ekonomi politik bağlamda analiz edilmesidir. Yapılan değerlendirmeler sonucunda, finansal yaptırımlarla hedef alınan ülke sayısının giderek arttığı; özellikle Rusya-Ukrayna savaşının başladığı 2022 yılından sonra bu tür yaptırımların toplam yaptırımlar içerisindeki payının hızlı bir artış gösterdiği tespit edilmiştir. Ayrıca finansal yaptırımlar içerisinde uluslararası ödemeleri gerçekleştiren altyapılara ve kurumlara erişimin kısıtlanması ve varlıkların dondurulmasına yönelik önlemlerin öne çıktığı görülmektedir. Küresel ölçekte Birleşmiş Milletler, bölgesel düzeyde Avrupa Birliği ve tekil ülke düzeyinde ABD, yaptırımların başlatılması konusunda lider konumunda olup, bu konumlarıyla birçok ülkeyi politika değişikliği yapmaya zorlayabilmektedirler. Diğer taraftan bu durum, gelişmekte olan ülkeler arasında yeni ittifakların yanı sıra alternatif parasal ve finansal yapılanmaları teşvik etmekte ve böylece uluslararası para ve finans sisteminde dönüşüm çabalarına ivme kazandırmaktadır.

Ethical Statement

Çalışma Etik Kurul Raporu gerektirmemektedir

References

  • Besedeš, T., Goldbach, S., Nitsch, V. (2023). Smart or Smash? The Effect of Financial Sanctions on Trade in Goods and Services, CESifo Working Papers, No. 10635.
  • Bianchi, J. ve Sosa-Padilla, C. (2023). The Macroeconomic Consequences of International Financial Sanctions, AEA Papers and Proceedings, 113: 29–32.
  • Castellum.AI, (2025). Russia Sanctions Dashboard, https://www.castellum.ai/russia-sanctions-dashboard (22.02.2025).
  • Cipriani, M., Goldberg L. S. ve La Spada, G. (2024). Financial Sanctions, SWIFT, and the Architecture of The International Payment System, Journal of Economic Perspectives, 37(1), 31-52.
  • Crepaldi, A. (2023). International Financial Sanctions: History, Ratio and The Sberbank Study Case, Master Thesis, Ca’Foscari University of Venice.
  • da Silva, M. R. (2025). Western Sanctions against Russia in the Ukraine War: Effects of Russian Strategies on the Development of Multilateralism, Open Journal of Social Sciences, 13(1), 400-418.
  • Drezner, D. W. (2024). Global Economic Sanctions, Annual Review of Political Science, 27, 9–24.
  • Early, B. ve Peksen, D. (2019). Searching in the Shadows: The Impact of Economic Sanctions on Informal Economies, Political Research Quarterly, 72(4), 821-834.
  • Egger, P., Syropoulos, C. ve Yotov, Y. V. (2024). Analyzing The Effects of Economic Sanctions: Recent Theory, Data, and Quantification. Review of International Economics, 32(1), 1-11.
  • EU Sanctions Map. (2025). Restrictive Measures in View of Russia’s Actions Destabilising The Situation in Ukraine (Sectoral Restrictive Measures), https://www.sanctionsmap.eu/api/v1/pdf/regime?id[]=61&id[]=63&id[]=26&lang=en (02.03.2025).
  • Felbermayr, G., Kirilakha, A., Syropoulos, C., Yalcin, E. and Yotov, Y. V. (2020). The Global Sanctions Data Base, European Economic Review, 2020, 129.
  • Felbermayr, G., Morgan, T. C., Syropoulos, C. and Yotov, Y. V. (2024). Economic Sanctions: Stylized Facts and Quantitative Evidence, CGPA Working Paper 2024-01, Center for Global Policy Analysis, LeBow College of Business, Drexel University.
  • Goldbach, S. ve Nitsch, V. (2023). On the Economic Effects of Financial Sanctions: Evidence from Germany, EconPol Forum, 24, 19-22.
  • GSDB. (2025). Global Sanctions Data Base, https://www.globalsanctionsdatabase.com/data/, (15.04.2025).
  • Gutmann, J., Neuenkirch, M. ve Neumeier, F. (2021). The Economic Effects of International Sanctions: An Event Study, CESifo Working Papers, No. 3007/2021 Munich Society for the Promotion of Economic Research.
  • Gutmann, J., Neuenkirch, M. ve Neumeier, F. (2023). The Impact of Economic Sanctions on Target Countries: A Review of the Empirical Evidence, Policy Debate of The Hour, EconPol Forum, 24, 5-9.
  • Gutmann, J., Neuenkirch, M. ve Neumeier, F. (2024). Political Economy of International Sanctions, ILE Working Paper Series, No. 81, University of Hamburg, Institute of Law and Economics (ILE), Hamburg.
  • Hadjiemmanuil, C. (2024). Economic and Financial Sanctions in International Law: Nature, Sources and Reviewability, LSE Law, Society and Economy Working Papers, No. 3/2024.
  • Hatipoglu, E. ve Peksen, D. (2018). Economic Sanctions and Banking Crises in Target Economies, Defence and Peace Economics, 29(2), 171-189.
  • IMF. (2025). World Economic Outlook Database, April 22, (02.05.2025).
  • Krulikowski, S. (2024). Economic Sanctions: An Overview, U.S. International Trade Commission, Executive Briefings on Trade, March.
  • Lacy, D. and Niou, E. M. S. (2004). A Theory of Economic Sanctions and Issue Linkage: The Roles of Preferences, Information, and Threats, The Journal of Politics, 66(1), 25-42.
  • Mayer, J. (2024). De-dollarization: The Global Payment Infrastructure and Wholesale Central Bank Digital Currencies, FMM Working Paper, No. 102, Forum for Macroeconomics and Macroeconomic Policies (FMM), Düsseldorf.
  • Mohammed, M.A., De-Pablos-Heredero, C. ve Montes Botella, J.L. (2024). The Role of Financial Sanctions and Financial Development Factors on Central Bank Digital Currency Implementation, FinTech, 3, 135–150.
  • Neuenkirch, M. ve Neumeier, F. (2016). The Impact of US Sanctions on Poverty. Journal of Development Economics, 121, 110-119.
  • OFAC. (2024). Sanctions Risk for Foreign Financial Institutions that Join Russian Financial Messaging System, System for Transfer of Financial Messages, OFAC Alert, Office of Foreign Assets Control, November, https://ofac.treasury.gov/media/933656/download?inline, (01.10.2025)
  • Peksen, D. ve Woo, B. (2018). Economic Sanctions and the Politics of IMF Lending, International Interactions, 44 (4), 681-708.
  • Quaglia, L. ve Verdun, A. (2023). Weaponisation of Finance: The Role of European Central Banks and Financial Sanctions against Russia, West European Politics, 46(5), 872-895.
  • Sanusi, A. R., Mamman, S. O., Iliyasu, J. ve Abubakar, A. B. (2025). Financial Sanctions and the Share of US Dollar in Global Reserve Currencies: Evidence from The Least Absolute Shrinkage and Selection Operator (LASSO) Model, Applied Economics Letters, 32(2), 218-221.
  • Sossai, M. (2019). Legality of Extraterritorial Sanctions, in Economic Sanctions in International Law and Practice, Edited By Asada, Masahiko, Routledge, London, 62-79.
  • Steinbach, A. (2023). Financial Sanctions Warfare, HEC Paris Research Paper, No. LAW-2023-1496, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4589540, (25.01.2025)
  • Thouvenin, J. M. (2019). History of Implementation of Sanctions, in Economic Sanctions in International Law and Practice, Edited By Asada, Masahiko, Routledge, London, 83-92.
  • Tzouvala, N. (2024). Sanctions, Dollar Hegemony, and the Unraveling of Third World Sovereignty, Symposium, Third World Approaches to International Law & Economic Sanctions, https://yjil.yale.edu/posts/2024-06-10-sanctions-dollar-hegemony-and-the-unraveling-of-third-world-sovereignty, (10.01.2025).
  • Wong, L. ve Nelson, R. M. (2021). International Financial Messaging Systems, CRS Report, Congressional Research Service.
  • Yalcin, E., Felbermayr G., Kariem, H., Kirilakha, A., Kwon, O., Syropoulos, C. ve Yotov, Y. V. (2025). The Global Sanctions Data Base- Release 4: The Heterogeneous Effects of the Sanctions on Russia, CGPA Working Paper, No. 2025-02, Center for Global Policy Analysis, LeBow College of Business, Drexel University.
  • Zhou, I. (2022). Russia’s Exclusion from SWIFT: An Explainer, Parliamentary Library, Parliament of Australia.
There are 36 citations in total.

Details

Primary Language Turkish
Subjects Political Economy Theory
Journal Section Araştırma
Authors

Güven Delice 0000-0002-8034-8896

Early Pub Date July 26, 2025
Publication Date June 18, 2025
Submission Date May 9, 2025
Acceptance Date June 16, 2025
Published in Issue Year 2025 Issue: 118

Cite

APA Delice, G. (2025). Ekonomi-Politik Perspektiften Finansal Yaptırımlar: Rusya’ya Yönelik Yaptırımlar Üzerinden Bir Değerlendirme. Liberal Düşünce Dergisi(118), 253-284. https://doi.org/10.36484/liberal.1696464