EU Sanctions Against Russia - The Impact on the Russian and EU Markets

Abstract

The nature of sanctions imposed on Russia, especially by the European Union, goes beyond mere punitive measures and takes on a multifaceted character with global repercussions. These sanctions are designed not only to exert economic pressure on Russia but also to serve as a diplomatic tool to influence behavior and promote adherence to international norms. The global impact of these sanctions extends beyond the direct consequences felt within Russia and the EU, touching various aspects of the world economy and geopolitical landscape. This paper analyses the impact of sanctions against Russia adopted following Russia’s military aggression against Ukraine and its consequences in the EU and Russian economy. The author will primarily delve into shifts in import and export dynamics among these nations within the specified timeframe, with a particular emphasis on the oil and gas market. Within this framework, the focus will be directed towards discerning anticipated economic projections and their implications.