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Policy of sanctions against Russia: Newest stage

Author

Listed:
  • Timofeev, I.

    (MGIMO University at the Ministry of Foreign Affairs of Russia, Moscow, Russia)

Abstract

Russia is facing signifi cant rise of economic sanctions since the beginning of the military operation in Ukraine in February 2022. The list of restrictions includes fi nancial, trade, visa, transport and other types of sanctions. There are few precedents of similar scope of sanctions since at least the end of the Cold War. In recent 30 years there has been a transition from "economic carpet bombing" to "smart sanctions". Sanctions against Russia after February 2022 seem to deviate from this trend. Such a deviation raises research questions about the ways of the "smart" sanctions combination with more comprehensive restrictions and about the evidence of a new paradigm of sanctions policy. Key assumption implies that these are the intensity and the scope of sanctions, rather than the change of the restrictions' instruments which mark a new paradigm, provided by the Russian case. "Smart sanctions" remain a key instrument, however, their quality and quantity make them similar to the "economic carpet bombing". The only meaningful obstacle for the initiators to abstain from a wider use of sanctions is a threat of a damage to their own economies. They have to use "smart sanctions" to avoid greater losses for themselves. The article relies on the analysis of key decisions on sanctions as well as their legal substance to test this assumption.

Suggested Citation

  • Timofeev, I., 2022. "Policy of sanctions against Russia: Newest stage," Journal of the New Economic Association, New Economic Association, vol. 55(3), pages 198-206.
    • Handle: RePEc:nea:journl:y:2022:i:55:p:198-206
    DOI: 10.31737/2221-2264-2022-55-3-11
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    References listed on IDEAS

    as
    1. Drezner,Daniel W., 1999. "The Sanctions Paradox," Cambridge Books, Cambridge University Press, number 9780521644150.
    2. Drezner,Daniel W., 1999. "The Sanctions Paradox," Cambridge Books, Cambridge University Press, number 9780521643320.
    3. E. Gurvich & I. Prilepskiy., 2016. "The impact of financial sanctions on the Russian economy," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 1.
    4. Daniel W. Drezner, 2015. "Targeted Sanctions in a World of Global Finance," International Interactions, Taylor & Francis Journals, vol. 41(4), pages 755-764, August.
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    Cited by:

    1. O. V. Buklemishev, 2023. "“Structural Transformation” of the Russian Economy and Economic Policy," Studies on Russian Economic Development, Springer, vol. 34(4), pages 456-463, August.
    2. Yu. A. Shcherbanin, 2023. "Transport in Russia: Nine Years of Economic Sanctions," Studies on Russian Economic Development, Springer, vol. 34(5), pages 592-600, October.

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    More about this item

    Keywords

    economic sanctions; policy of sanctions; smart sanctions; Russia;
    All these keywords.

    JEL classification:

    • Z18 - Other Special Topics - - Cultural Economics - - - Public Policy

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