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Regional Economics: Theory and Practice
 

An analysis of the impact of sanctions on the Russian Federation's financial system

Vol. 22, Iss. 6, JUNE 2024

Received: 7 March 2024

Received in revised form: 5 May 2024

Accepted: 23 May 2024

Available online: 17 June 2024

Subject Heading: INNOVATION AND INVESTMENT

JEL Classification: E44, F51, F65, G1

Pages: 1181–1202

https://doi.org/10.24891/re.22.6.1181

Elena S. IVLEVA Saint-Petersburg University of Management Technologies and Economics (UMTE), St. Petersburg, Russian Federation
ivlevaes@mail.ru

https://orcid.org/0000-0002-4619-3704

Anna Yu. RUMYANTSEVA Saint-Petersburg University of Management Technologies and Economics (UMTE), St. Petersburg, Russian Federation
post_graduate@mail.ru

https://orcid.org/0000-0001-7279-5306

Viktoriya V. SUKHACHEVA Saint-Petersburg University of Management Technologies and Economics (UMTE), St. Petersburg, Russian Federation
vikaks@list.ru

ORCID id: not available

Subject. This article examines the essence of international economic sanctions, their application in different periods, and methods for assessing their effectiveness.
Objectives. The article aims to find opportunities to overcome the negative consequences of the economic sanctions introduction against the Russian Federation.
Methods. For the study, we used the methods of comparative, post-hoc, and factor analyses.
Results. The article finds that due to the measures taken both at the level of the State and the business sector, the effectiveness of sanctions turned out to be relatively low.
Conclusions. Sanctions help identify the eternal shortcomings of the national economy, which creates conditions for a prompt response and the development of corrective measures.

Keywords: sanctions, Russian Federation, financial system, financial market

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