Why sanctions on Russia did not work well? Russia's economic resistance against the sanctions in 2022
With the Russian force invading Ukraine, US-led Western countries launched a blanket of economic sanctions to punish Russia and restrained its’ military capability on the battlefield. However, Russia’s economy outperformed many financial institutions and economists’ forecasts and raise many debat...
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| Format: | Thesis-Master by Coursework |
| Language: | English |
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Nanyang Technological University
2023
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| Online Access: | https://hdl.handle.net/10356/166384 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | With the Russian force invading Ukraine, US-led Western countries launched a blanket of
economic sanctions to punish Russia and restrained its’ military capability on the battlefield.
However, Russia’s economy outperformed many financial institutions and economists’
forecasts and raise many debates on the economic effectiveness of sanctions on Russia. This
essay will explore the reason why Russia’s economy is resistant and resilient under economic
sanctions. Through the review of previous academic studies on sanctions and the comparison
with sanctions starting from 2014, this paper finds out some pre-conditions of the Russian
economy make it suffer less impact from the sanctions such as its overall economic size and
economic structure. Despite these preconditions that existed before the imposition of the
sanctions, some new dynamics like high oil prices, strong exchange rates, and increasing ties
with non-sanction states, also emerged in 2022’s sanctions on Russia and play a significant
role in the mitigation of sanctions. |
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