Research Article

The views of Russian economists on Western sanctions against Russia

Number: 5 June 30, 2021
RU EN TR

The views of Russian economists on Western sanctions against Russia

Abstract

In March 2014, in response to Russia’s annexation of Crimea and military actions in Eastern Ukraine, the European Council decided to implement sanctions against Russia. The EU criticized Russia’s actions against Ukraine’s sovereignty and independence. In response to the EU’s sanctions, in August 2014 Russia introduced a food embargo on agricultural products from Western countries. The most frequently discussed topic regarding these sanctions is their effectiveness and their impact on the Russian economy. In other words, the experts aimed to identify evidence that Western sanctions do work against Russia and to estimate their effect on the Russian economy. This article discusses the views of Russian economists and political analysts on Western sanctions against Russia. The goal of the article is to present the opinions, analyses, and forecasts of leading Russian experts living in Russia and abroad and who are working for the government and/or in the academic field. The views of several experts were investigated regarding the situation resulting immediately after the imposing of sanctions and regarding perspectives of future development in Russia under the influence of sanctions. This article addresses the impact of some of these Western sanctions on different economic sectors and discusses the overall effect of sanctions on the Russian economy. In particular, the article covers the opinions of Russian economists and political experts concerning financial sanctions and its impact on the Russian banking sector; impact on direct foreign investments; impact on economic and political stability; and the effect from the introduction of Russian agricultural embargo on Western import. One section is focused on the views of economists on effectiveness of sanctions as political tool, and the last section summarizes the main political and economic effects of sanctions on Russia since 2014.

Keywords

References

  1. Aleksashenko, Sergey. “Evaluating Western Sanctions on Russia,” 2016, Accessed date: 05.02.2021. URL: https://issuu.com/atlanticcouncil/docs/evaluating_western_sanctions_on_rus.
  2. Analytical center for the goverment of the Russian Federation. “Prodovolstvennoe Embargo: Importozameshenie i Izmenenie Struktury Vneshney Torgovli,” 2015, Accessed date: 28.01.2021. URL: http://ac.gov.ru/publications/.
  3. Arefev, P.V. et al. Economic Sanctions against Russia: Expectation and Reality, 2017, Accessed date: 28.02.2021. URL: http://rustem-nureev.ru/wp-content/uploads/2017/11/13640_NUREEV_Economicheskie_sankcii_protiv_Rossii_Автору-1.pdf.
  4. Bank of Russia. “Balance of Payments,” Accessed date: 15.01.2021. URL: https://www.cbr.ru/statistics/macro_itm/svs/.
  5. Bank of Russia. “Russian Debt,” 2020, Accessed date: 11.03.2021. URL: http://www.cbr.ru/statistics/macro_itm/svs/.
  6. Bornstein, Morris. “Economic Sanctions and Rewards in Support of Arms Control Agreements,” American Economic Association 58/2 (1968): 417–27, Accessed date: 11.02.2021. URL: https://www.jstor.org/stable/1831826.
  7. Central bank of Russia. “Data on the Bank of Russia FX Operations,” Accessed date: 30.01.2021. URL: https://www.cbr.ru/archive/db/valint_day/?UniDbQuery.Posted=True&UniDbQuery.From=01.01.2014&UniDbQuery.To=31.01.2017
  8. Central bank of Russia. “Osnovnie Napravleniya Edinoy Gosudarstvennoy Denezhno-Kreditnoy Politiki Na 2015 God, i Period 2016 i 2017 Godov,” 106/158, 2014, Accessed date: 30.01.2021, URL: http://www.cbr.ru/publ/Vestnik/ves141201106.pdf.

Details

Primary Language

English

Subjects

Political Science

Journal Section

Research Article

Authors

Publication Date

June 30, 2021

Submission Date

April 10, 2021

Acceptance Date

June 8, 2021

Published in Issue

Year 2021 Number: 5

APA
Larsen, K. S. (2021). The views of Russian economists on Western sanctions against Russia. Rusya Araştırmaları Dergisi, 5, 156-176. https://doi.org/10.48068/rusad.912945
AMA
1.Larsen KS. The views of Russian economists on Western sanctions against Russia. Rusya Araştırmaları Dergisi. 2021;(5):156-176. doi:10.48068/rusad.912945
Chicago
Larsen, Kseniia Skogstad. 2021. “The Views of Russian Economists on Western Sanctions Against Russia”. Rusya Araştırmaları Dergisi, nos. 5: 156-76. https://doi.org/10.48068/rusad.912945.
EndNote
Larsen KS (June 1, 2021) The views of Russian economists on Western sanctions against Russia. Rusya Araştırmaları Dergisi 5 156–176.
IEEE
[1]K. S. Larsen, “The views of Russian economists on Western sanctions against Russia”, Rusya Araştırmaları Dergisi, no. 5, pp. 156–176, June 2021, doi: 10.48068/rusad.912945.
ISNAD
Larsen, Kseniia Skogstad. “The Views of Russian Economists on Western Sanctions Against Russia”. Rusya Araştırmaları Dergisi. 5 (June 1, 2021): 156-176. https://doi.org/10.48068/rusad.912945.
JAMA
1.Larsen KS. The views of Russian economists on Western sanctions against Russia. Rusya Araştırmaları Dergisi. 2021;:156–176.
MLA
Larsen, Kseniia Skogstad. “The Views of Russian Economists on Western Sanctions Against Russia”. Rusya Araştırmaları Dergisi, no. 5, June 2021, pp. 156-7, doi:10.48068/rusad.912945.
Vancouver
1.Kseniia Skogstad Larsen. The views of Russian economists on Western sanctions against Russia. Rusya Araştırmaları Dergisi. 2021 Jun. 1;(5):156-7. doi:10.48068/rusad.912945

Cited By