Consequences of sanctions on the economy of Russia
Vatutin, Gleb (2023)
2023
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2023052514027
https://urn.fi/URN:NBN:fi:amk-2023052514027
Tiivistelmä
In 2022, the United States, the European Union, and other countries have imposed various sanctions on Russia, targeting individuals, hundreds of companies, and whole sectors of the economy in response to the Ukraine invasion. The aim of the sanctions is to put pressure on Russia to change its behavior and respect international norms. These sanctions include asset freezes, travel bans, and different trade embargoes. On the individual level, Western countries implemented personal sanctions against the Russian elite, such as travel and financial restrictions. The author chose this particular topic because it is interesting and at the same time relatable due to the author's roots.
The aim of the thesis was to discuss the concept of modern sanctions, review the economic sanctions imposed against Russia, and study the impact they had on the European economy. Furthermore, the goal was to analyze the effectiveness of sanctions and the type of consequences sanctions had on the economy of the Russian Federation. The objective was also to determine the consequences of sanctions on the economy of Russia. The research included numerous media data, governmental statements and agreements reviews.
In conclusion, economic sanctions have had a limited impact on the economy of the Russian Federation, bringing inflation up to an eight-year high, and utterly weakening the financial and energy sectors. Sanctions could have had more impact if they were applied in cooperation with more countries, or targeted wider sectors of the economy. Then again, economic pressure did not achieve the main goal of stopping the war in Ukraine. Strengthened relations with a few countries helped Russia to weather the sanctions pressure, as well as the strong and large economy of the country.
The aim of the thesis was to discuss the concept of modern sanctions, review the economic sanctions imposed against Russia, and study the impact they had on the European economy. Furthermore, the goal was to analyze the effectiveness of sanctions and the type of consequences sanctions had on the economy of the Russian Federation. The objective was also to determine the consequences of sanctions on the economy of Russia. The research included numerous media data, governmental statements and agreements reviews.
In conclusion, economic sanctions have had a limited impact on the economy of the Russian Federation, bringing inflation up to an eight-year high, and utterly weakening the financial and energy sectors. Sanctions could have had more impact if they were applied in cooperation with more countries, or targeted wider sectors of the economy. Then again, economic pressure did not achieve the main goal of stopping the war in Ukraine. Strengthened relations with a few countries helped Russia to weather the sanctions pressure, as well as the strong and large economy of the country.