Home  Journals  National Interests: Priorities and Security  8(341) - 2016 August

Quantitative evaluation of the impact of sanctions on the Russian economy in the short-term prospects

Vol. 12, Iss. 8, AUGUST 2016

Article PDF Version

Received: 23 March 2016

Received in revised form: 14 April 2016

Accepted: 30 April 2016

Available online: 30 August 2016

Subject Heading: SUSTAINABLE DEVELOPMENT OF ECONOMY

JEL Classification: G18, G38, О11, Q01

Pages: 44-54

Importance The article deals with the issues of sustainable development of the Russian economy under the economic and financial sanctions imposed by Western countries on Russia.
Objectives The paper aims to analyze the impact of sanctions on Russian production and financial organizations of the economy's key sectors, quantify them in the short term, and provide suggestions for minimizing the impact of Western sanctions on the economic development of Russia.
Methods For the study, we used methods of economic and statistical analysis, and indicators comparison, as well as the method of factor analysis.
Results We show that the actual impact of sanctions on the economy of our country is much less than it was expected. In countries applying the collective sanctions, the various political disagreements begin to arise, and they lead to the emergence of boomerang effect, bringing a number of negative processes with far-reaching consequences to the economies of the 'sanctions Coalition'.
Conclusions Even in the short term, the introduction of economic sanctions against a country in a globalized market economy becomes a counterproductive tool not only for this country, but also for those ones which initially joined the sanctions, and afterwards they get forced to bear direct and indirect losses from the sanctions use.

Keywords: sanctions, legal framework, focus, effect, quantification

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