Beyond the Headlines: The Real Impact of Western Sanctions on Russia

Addressing vulnerability and promoting security
Posted Nov 24, 2022 | Wilfried Martens Center for European Studies

There is much debate about the effects of economic sanctions imposed on Russia since the beginning of Putin’s war against Ukraine. Many commentators argue that these sanctions are having only limited effects, or no effect at all – firstly, because they have not forced Putin to change his policies, and secondly, because the Russian economy has shown significant resilience. In this paper by the Wilfried Martens Center for European Studies, Vladimir Milov argues that both assertions are misleading. The latter – about the resilience of the Russian economy – is based on a flawed approach focused on just a few macroeconomic indicators, and while the Russian economy has significant safety margins. It will take time for sanctions to produce visible macroeconomic effects, thereby forcing Putin to change his policies. The author provides an in-depth analysis of a wide array of detailed economic data, which suggests that such effects are on the way.



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