Western sanctions and Russia: What are they? Do they work?

Abstract:

In 2014, the EU and the US adopted sanctions against Russia after it annexed Crimea. Since then, they have added various other restrictive measures, responding to Russia's use of illegal chemical weapons, cyber-attacks and human rights abuses. With concerns that Moscow is planning another attack against Ukraine, Western countries are now considering tough new measures.

Ukraine-related economic sanctions in particular have had a significant impact on not only the companies and sectors directly targeted but also the Russian economy as a whole. Sanctions have not persuaded Russia to change its behaviour, but they may have had a deterrent effect.

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