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From sanctions to price surges: The dynamics of Russia's import prices

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  • Korhonen, Iikka
  • Simola, Heli

Abstract

We examine impact of economic sanctions on Russian import prices using detailed data on other countries' exports to Russia. We find that unit import prices of goods sanctioned by trading blocs such as the European Union have increased, often drastically, and even when imported to Russia from countries that have not formally imposed sanctions on Russia. For some countries, the unit export prices to Russia for non-sanctioned goods have also risen. These results strongly suggest that trade sanctions have been effective in limiting Russia's access to sanctioned goods.

Suggested Citation

  • Korhonen, Iikka & Simola, Heli, 2025. "From sanctions to price surges: The dynamics of Russia's import prices," BOFIT Discussion Papers 8/2025, Bank of Finland Institute for Emerging Economies (BOFIT).
    • Handle: RePEc:zbw:bofitp:333422
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    JEL classification:

    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions

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