The impact of sanctions on the Russian economy


July 17, 2024, 9:00 AM to 10:00 AM EDT
Virtual Event

Cecilia Malmström (PIIE), Sergei Guriev (London Business School) and Elina Ribakova (PIIE)

Event Summary

After the illegal invasion of Ukraine by Russia in February 2022, the West was quick to impose sanctions on Russia. These sanctions—in the political, cultural, trade, and economic arenas—were aimed at making a clear political statement that the invasion was unacceptable and in violation of international law but also at eroding Russia´s economic ability to pursue the war. More than two years after, the war is still going on, and Russia´s economy seems not to be very affected by the sanctions. Do sanctions not work? How can we explain the resilience of the Russian economy? What can be done and how can we continue to help Ukraine?

Joining this episode of Trade Winds are:


Cecilia Malmström
Nonresident Senior Fellow, Peterson Institute for International Economics (PIIE)


Sergei Guriev 
Dean, London Business School

Elina Ribakova 
Director of the International Affairs Program, Kyiv School of Economics; Nonresident Senior Fellow, PIIE