The paper presents the estimation of sanctions influence on the results of domestic companies on the basis of spillover effects. It is shown that the strength of sanctions influence is mainly determined by the processing chain in terms of industry foreign trade relations structure. During the whole period under analysis (from 2005 to 2012) the companies’ earnings were influenced mostly by German investment (import, export and horizontal country spillovers are significant). Investment from China also affected national companies during the crisis of 2008-2009. Import-driven (productive) industries suffer from sanction regime that is confirmed by the significance of import and export spillover of FDI from the countries, which introduced the sanctions.

The aim of the work is: 1. assessment of the impact of foreign direct investment (FDI) on the performance of domestic companies before and after the imposition of sanctions in the industry context; 2. Evaluation of the performance of export-oriented domestic companies during the period of sanctions. As the assessment methodology were used panel regression, calculation of the Malmquist index, DEA analysis, and calculation of spillover effects. The empirical base of the study included more than 65 thousand companies for 2012-2018. It was found that the highest efficiency of companies with FDI compared to companies without FDI was observed in the following sectors: metallurgical production, chemical production, retail. Export companies show higher rates than national enterprises.