Importance The article overviews the effect of economic sanctions, analyzes their implications and the ability to alleviate them, or, ideally, safeguard the economy through a set of governmental measures. Objectives We analyze the substance and implications of economic sanctions imposed by the EU countries and the USA; examine the scope of economic sanctions against Russia, political escalation that caused restrictions, and consequences of economic sanctions for both opponents of this economic confrontation. Methods The research analyzes the scope and implications of economic sanctions for Europe, Russia and the USA. Results The research found what implications economic sanctions against Russia had and substantiated the boomerang effect since economic restrictions affected the EU countries and the USA, rather than Russia only. We studied the positive effect of sanctions as they motivated Russia to form its own resource, scientific and intellectual capabilities. The article evaluates measures the Russian Government undertook to overcome adverse effects of the economic sanctions. Conclusions and Relevance The restrictions affected the oil and gas sector and products of dual purpose, military and civilian. Russia appeared to be unprepared to so rapid economic attack. Thus the import substitution policies were implemented post factum.
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