THE REGIME AND EFFECTIVENESS OF 2022 ECONOMIC SANCTIONS AGAINST THE RUSSIAN FEDERATION

Abstract

In the early 2022, the world economy is recovering from the decline caused by Covid-19 pandemic –the central banks being prepared to gradually withdraw fiscal and monetary support. The Russian military’s invasion of Ukraine and subsequent sanctions have reversed this trend and risks and uncertainty have suddenly returned amid rising energy, food and other important commodity prices, inflationary pressures, deterioration in financial and labor market conditions. This paper outlines the general framework of economic sanctions, reviews the sanctions adopted by the international community against Russia in the first 100 days of brutal, unjustified and unprovoked illegal military aggression against Ukraine, and identifies their effectiveness and impact on Russia’s economic and financial system.