What effects have sanctions had on the Russian economy?

Dec 22, 2022

The war and the sanctions have already affected the Russian economy. Image: Unsplash/Egor Filin

Heli Simola

Senior Economist, Institute for Emerging Economies, Bank Of Finland

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Loss of foreign direct investment has been identified as potentially one of the most devastating consequences of sanctions for the Russian economy (Mahlstein et al. 2022). Image: Macrobond and Bank of Russia

Graphic showing Russia’s goods imports based on official data and proxy constructed from mirror statistics.

Russian imports are estimated to have contracted substantially. Image: Macrobond, Eurostat and BOFIT

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Global Risks Report 2023

There is plenty of evidence that war and sanctions have affected the performance of the Russian economy. Image: Macrobond and Rosstat

Transition periods and other measures mitigate the harms of sanctions on sanctioning countries and global markets but simultaneously blunt their impact on the Russian economy. Image: IMF October WEO from respective years

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