Sanctions on Russia & Russian Economic Retaliation

This project serves as a hub that collects, organizes, and shares insights, data, and analysis on the evolving landscape of sanctions against Russia—providing researchers, journalists, and policymakers with accessible, high-quality resources in one place.

Project Team

Maria Perrotta Berlin
Anna Anisimova
Torbjörn Becker
Erlend Bjoertvedt
Aage Borchgrevink
Johan Gars
Benjamin Hilgenstock
Chloe Le Coq
Petras Katinas
Anders Olofsgård
Yuliia Pavytska
Daniel Spiro
Henrik Wachtmeister

How Do Sanctions work?

Sanctions are one of the key tools countries use to influence the behavior of other states, organizations, or individuals without resorting to military force. They involve restricting normal economic or financial relations in order to exert pressure or signal disapproval. While open economic relations are generally beneficial, governments sometimes impose sanctions in response to violations of international norms or threats to security.

What is the effect of implemented sanctions against Russia?

This project maps the impact of sanctions against Russia, focusing on their goals, effects, and gaps in knowledge. Prioritizing measures that reduce Russia’s military capacity, it combines original analysis with existing research to offer a clear, comprehensive overview.

Sanction Categories and Their Effects

Energy sector

Energy exports play a crucial role in Russia’s economy and have long served as geopolitical leverage over dependent countries. These measures aim to cut state revenues and reduce Russia’s geopolitical power.

Military production

Russia’s military production is dependent on Western components and technology. Halting the inflow is supposed to limit the capacity for production and, therefore, the military capacity.

Trade Restrictions

By definition, trade restrictions are welfare-reducing, as they limit the efficiency gains from specialization and exchange. In an extreme scenario, the world could fragment into distinct geopolitical blocs with minimal cross-border trade—reminiscent of the Cold War. This hypothetical scenario was explored in the 2023 IMF World Economic Outlook (WEO), which simulated global trade decoupling based on UN General Assembly (UNGA) voting patterns on the war in Ukraine.

Financial Restrictions

Since Russia’s full-scale invasion of Ukraine in 2022, financial sanctions have become one of the most prominent tools used by Western governments to limit the Kremlin’s economic capacity and constrain its ability to fund the war. The emerging consensus on their effectiveness is nuanced. On one hand, sanctions have clearly disrupted Russia’s access to global financial networks, slashed trade with the West, and inflicted damage on key sectors like banking, investment, and energy. Major financial penalties, including exclusion from SWIFT and the freezing of central bank reserves, have led to reduced cross-border transactions, increased capital controls, and the collapse of e-commerce links with international partners.

Other Restrictions

The international response to Russia’s aggression has included a wide range of behavioral, symbolic, and mobility-related restrictions aimed at isolating the country on the world stage. These so-called “sanctions of inconvenience” include measures such as airspace closures, visa bans, suspension from international sporting and cultural events, and restrictions on travel and participation in global institutions.

Recent Studies

About the Project

On February 24th, 2022, Russia launched its brutal full-scale invasion of Ukraine. In response, the European Union, the United States, the United Kingdom, and other allies imposed unprecedented sanctions across energy, trade, and financial sectors. While economic sanctions have long been a part of foreign policy, never before have such sweeping and coordinated measures been deployed against a country so deeply integrated into the global economy.

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This project is funded with support from the Swedish Ministry for Foreign Affairs.