The Economic Weapon

Mulder, Nicholas

doi:10.2307/j.ctv240df1m

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The "Sanctions Tsunami" After 24 February 20221

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2024

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“…Due to the size of Russia's domestic market and resource potential, global spillover effects turned out to be unprecedentedly high. The 21st-century globalization has thus increased the economic costs of sanctioning large, highly integrated economies (Mulder, 2022).…”

Section: The "Sanctions Tsunami" After 24 February 2022mentioning

confidence: 99%

The Illusion of “Smart” Sanctions: The Russian Case

Timofeev,

Arapova,

Nikitina

2024

RGA

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The 21st century has seen a gradual shift from overwhelming sanctions, mainly trade embargoes, towards targeted or “smart” sanctions. The latter target designated natural and legal persons associated with a country’s government, while ostensibly imposing minimal hardship on its general population. However, many empirical studies prove the existence of significant spillover effects and collateral damage from targeted sanctions. This research aims to determine whether “smart” sanctions are a reality, or a myth created to legitimize their use. The analysis shows that targeted sanctions against Russia have had spillover effects beyond the targets. The authors consider four types of spillover effects—economic, political, legal, and psychological (or reputational) ones—and suggest the criteria that determine how targeted a sanction is.

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Section: The "Sanctions Tsunami" After 24 February 2022mentioning

confidence: 99%