Reconsidering contemporary classifications of sanctions in the light of the Russia sanctions regime
Abstract
Relevance In 2022, Russia has been facing unprecedented sanctions pressure, which has created a need to reconsider the established classifications of sanctions. As the new challenges arise, one has to deploy not only the current analytical resources but rely on the integrated conceptualization of earlier cases.
Research objective. The study aims to describe and test methodology for analysis of sanctions regimes by using the current data on the sanctions against Russia.
Data and method. The study relies on the methods of case study and statistical analysis and uses the data provided by Rosstat, Central Bank of the Russian Federation, Castellum.AI, UNCTAD.
Results. The study proposes a base model of sanctions which combines two dimensions – the areas of foreign economic activity impacted by the restrictions and the factors that determine the sanctions' influence on the target country. It is shown how the proposed model can be adjusted for the analysis of the Russia sanctions regime.
Conclusions. The sanctions put considerable pressure on Russia's economy because by the nature of their impact and scope they far exceed the scale of the restrictions that were previously applied to other countries. To withstand the sanctions pressure, a serious revision and reorganization of the country's foreign trade structure and domestic economic policy is necessary.
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DOI: https://doi.org/10.15826/recon.2022.8.3.016
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