Economic and financial results of the USA and the European Union sanctions war against Russia: first results

• Ilmir Nusratullin Bashkir State University
• Raul Yarullin Financial University under the Government of the Russian Federation
• Tagira Ismagilova Financial University under the Government of the Russian Federation
• Olga Eremeeva Katanov State University of Khakassia
• Tatiana Ermoshina Ogarev Mordovia State University

Keywords: Sanctions against Russia, economic war, financial pressure for sanctions, economic sanctions, geopolitical economy

Abstract

As part of this study, the goal is set to assess the impact of sanctions imposed by the United States and the European Union on the economy and financial sector of Russia, to identify the effectiveness of the initial goals of these countries. To achieve the goal, the legal acts concerning the imposed sanctions of the USA and the European Union against Russia were first analyzed, a chronology of events was described, and sanctions were classified. Further, based on the data of the World Bank and the Federal State Statistics Service of the Russian Federation, the results of the sanction pressure on the Russian economy and financial sector were estimated. Then the results of this study were compared with the results obtained by other scholars. The paper concluded that the sanctions of the United States and the European Union did have an impact on the economy and financial sector of Russia, but this influence was not as significant as the leaders of these countries expected. In addition, the impact of the sanctions is gradually decreasing despite the introduction of new sanctions on various pretexts.

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