The article is devoted to the analysis of the consequences of the application of economic sanctions at the present stage of development of international trade. International practice shows that a significant burden of sanctions falls on the target countries, which leads to a significant reduction in their foreign trade with third countries. Paradoxically, at the same time, for sending countries, there may be an increase in their trade with third countries. The net effect of the imposition of sanctions on international trade is difficult to estimate, since it depends both on the size of the target country of the sending country, as well as on their foreign trade relations with third countries. In the course of our study, it was found that there was no unified theory of economic sanctions, but the practice of their application is possible only when there are economic interactions and interdependence in trade and investment between sending and target countries. At the same time, in recent years, the number of forms and mechanisms for applying economic sanctions has increased. Sanctions have an ambiguous effect on the development of international trade, since they can either increase or decrease the country’s importance in international exchange. As new important lines of research that can better understand the nature and consequences of modern economic sanctions, we note: assessing the impact of sanctions at the microeconomic level; comparison of complex and targeted sanctions, the study of mutual trade and foreign direct investment between sending countries, target countries of sanctions and third countries; analysis of extraterritorial (secondary) effects of economic sanctions. It has also been shown that more significant indirect negative effects of sanctions on the sending country are counter-sanctions of the target country, disruptions in some industries, as well as reorientation of trade to less preferred markets and the need to adapt to new trading partners.