The impact of sanctions on the Russian economy

After the illegal invasion of Ukraine by Russia in February 2022, the West was quick to impose sanctions on Russia. These sanctions-in the political, cultural, trade, and economic arenas-were aimed at making a clear political statement that the invasion was unacceptable and in violation of international law but also at eroding Russia´s economic ability to pursue the war. More than two years after, the war is still going on, and Russia´s economy seems not to be very affected by the sanctions. Do sanctions not work? How can we explain the resilience of the Russian economy? What can be done and how can we continue to help Ukraine?
Joining this episode of the Peterson for International Economics’ (PIIE) event series Trade Winds are:
HOST
Cecilia Malmström
Nonresident Senior Fellow, PIIE
GUESTS
Sergei Guriev
Dean, London Business School
Elina Ribakova
Director of the International Affairs Program, Kyiv School of Economics; Nonresident Senior Fellow, PIIE
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