Abstract
After the Ukraine crisis in 2014, Russia has been under economic sanctions from the West. Since the outbreak of the Russia-Ukraine war in 2022, Western sanctions are expanding in various sectors, including individuals, organizations, industries, and trade, and are to continued in the long-term. Among various studies on the effectiveness of sanctions, research discussing whether sanctions against specific targets have the intended effect is emerging. Against this background, this study seeks to analyze the impact of Western sanctions on Russian companies, especially those listed on the Russian stock market. Using panel data from 25 major Russian companies from 2012 to 2021, the author examined factors that affected corporate performance, including Western sanctions, with a fixed effects model. As a result, Western sanctions did not have a significant impact on the business activities of major Russian companies. It was found that the macroeconomic and internal company factors were more decisive factors. This study was unable to include data after 2022 due to corporate data accessibility and release period, therefore this needs to be complemented through additional research.
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