Sanctions on Russia: Lessons Learned

The historical practice of economic statecraft, utilizing economic and financial pressure for foreign policy aims, has fluctuated over centuries but waned after the Cold War as multilateral economic agreements and institutions like the WTO dominated. However, geopolitical tensions, especially with China and Russia, have prompted a resurgence of economic statecraft. Many countries, including the U.S. and the EU, are realigning towards a more geopolitical stance. Sanctions, a key tool in economic statecraft, have evolved beyond financial restrictions to encompass broader economic measures, targeting larger, more complex, interconnected countries and markets. Since 2022, sanctions against Russia for its actions in Ukraine have escalated, with comprehensive measures including export controls and individual sanctions. However, with two years on since Russia’s invasion of Ukraine, Russia’s economy is recovering and the war is continuing. Have sanctions failed? Why? What could have been done differently, and what are the lessons for the future? Elina Ribakova, nonresident senior fellow at the Peterson Institute for International Economics and nonresident fellow at Bruegel, will address these and other related issues during this session.

Program in Russian, East European and Eurasian Studies | View More Events
Co-hosted with: Princeton Institute for International & Regional Studies, Program in Russian, East European and Eurasian Studies (OWNER)

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