EU economic sanctions against russia and the effectiveness of their application

Abstract

EU economic sanctions against Russia and their effectiveness are a topical study that examines the impact of sanctions on the russian economy and politics. The aim of the study is to substantiate the effectiveness of the application of EU economic sanctions against russia, in particular, to determine their impact on the economic situation of the aggressor country, including changes in GDP, export-import operations, the state of the financial sector and other economic indicators. In the course of the study, key aspects that affect the effectiveness of economic sanctions were identified: political support, the power of the object of sanctions, the compliance of sanctions with specific goals, the effective application of sanctions, alternative options for the addressee country, the time aspect, and the impact on the population. The nature of the impact of sanctions is also determined: trade obstruction, financial constraints, economic downturn, humanitarian impact, changing alliances and economic relations, long-term economic consequences, global economic consequences, adaptive response, and it is proved that the impact of sanctions can vary greatly depending on the economic stability of the object country, its ability to adapt, the scope and severity of sanctions, as well as global geopolitical dynamics. The analysis of measures imposed by the EU in the context of sanctions, including restrictions on access to financial markets, sectoral restrictions on trade and sanctions against individuals or companies, is carried out. The authors analyzed the effectiveness of sanctions from the point of view of achieving EU political goals in the context of the war in Ukraine, as well as their impact on the economic situation in russia. It is revealed that russia's GDP growth is projected in the coming years, which indicates insufficient effectiveness of the sanctions imposed and applied to the economy of the aggressor country. In addition, the results of the study allowed us to assess the dynamics of relations between the EU and russia in the context of sanctions policy and their possible impact on economic and political processes in both regions.