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The Impact of Foreign Sanctions on Firm Performance in Russia

Author

Listed:
  • Luu Duc Toan Huynh

    (Queen Mary University of London)

  • Khanh Hoang

    (Lincoln University)

  • Steven Ongena

    (University of Zurich; Swiss Finance Institute; KU Leuven; NTNU Business School; CEPR)

Abstract

We assess the economic effects of two decades of recent sanctions on Russian firms. We find that foreign sanctions leave energy firms in Russia unaffected but do undermine firm performance in the other (non‐energy) sectors. While firms with connections to Russian oligarchs linked to Putin are unaffected, sanctions do not differentiate in their impact between firms with Russian and foreign origins. Interestingly, Russian firms seem to be prepared for the Crimea event and the Ukraine war. Ultimately, we find that increasing export to China at country‐level helps alleviate the negative impact of sanctions on firm performance in Russia.

Suggested Citation

  • Luu Duc Toan Huynh & Khanh Hoang & Steven Ongena, 2023. "The Impact of Foreign Sanctions on Firm Performance in Russia," Swiss Finance Institute Research Paper Series 23-115, Swiss Finance Institute.
    • Handle: RePEc:chf:rpseri:rp23115
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    Keywords

    firm performance; sanctions; Russia; political connection;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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