IDEAS home Printed from https://ideas.repec.org/a/taf/rpsaxx/v37y2021i3p276-301.html
   My bibliography  Save this article

Sanctions and dollar dependency in Russia: resilience, vulnerability, and financial integration

Author

Listed:
  • Erik Andermo
  • Martin Kragh

Abstract

What are the long-term effects of the financial sanctions against Russia? We provide a time-sensitive analysis of the sanctions impact on certain Russian financial markets and highlight how Russia has responded strategically. Our analysis also captures the effect of the threat of sanctions and informs the debate on sanctions effectiveness. Thus, our study indicates how financial sanctions can be incorporated into theories of deterrence and conflict resolution. We also provide some policy implications that can be generalized and reinforce previous research. Russia’s banking system is highly dependent on dollar transactions, and in response to sanctions, Russia has systematically undertaken measures to promote its economic sovereignty under conditions of continued financial integration. We argue that sanctions put some pressure on the Russian budget, and that this effect has been exacerbated by the Covid-19 crisis, but also that Russia has used debt placements strategically in order to deter sanctions escalation.

Suggested Citation

  • Erik Andermo & Martin Kragh, 2021. "Sanctions and dollar dependency in Russia: resilience, vulnerability, and financial integration," Post-Soviet Affairs, Taylor & Francis Journals, vol. 37(3), pages 276-301, May.
    • Handle: RePEc:taf:rpsaxx:v:37:y:2021:i:3:p:276-301
    DOI: 10.1080/1060586X.2021.1913932
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/1060586X.2021.1913932
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/1060586X.2021.1913932?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Pandey, Dharen Kumar & Lucey, Brian M. & Kumar, Satish, 2023. "Border disputes, conflicts, war, and financial markets research: A systematic review," Research in International Business and Finance, Elsevier, vol. 65(C).
    2. Konrad, Kai A. & Thum, Marcel, 2023. "Elusive effects of export embargoes for fossil energy resources," Energy Economics, Elsevier, vol. 117(C).
    3. Roberto Lampa, 2022. "Verso la disgregazione del sistema monetario post 1971? I paesi in via di sviluppo e l'impatto delle sanzioni belliche sulla dollar hegemony (Towards the disintegration of post 1971 monetary system? D," Moneta e Credito, Economia civile, vol. 75(298), pages 149-161.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:rpsaxx:v:37:y:2021:i:3:p:276-301. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/rpsa .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.