Дата поступления рукописи в редакцию: 08.08.2024
Дата принятия рукописи в печать: 25.10.2024
Sanctions have become a central issue for discussion among international experts and the general public due to events such as the Ukrainian crisis, Russia’s retaliatory measures, and sanctions against Turkey, as well as the partial lifting of restrictions against Iran and Cuba. The effectiveness and acceptability of economic sanctions as a foreign policy tool, and their impact on the economies of targeted countries are key considerations in these debates.
However, discussions on this topic, particularly in Russia, often overlook the main features of sanctions as a foreign policy instrument, including the mechanisms of application, their effects, and the responsibility for non-compliance with restrictive measures.
Economic sanctions involve restricting or halting trade and financial transactions to achieve security or foreign policy objectives. These measures can be imposed by individual states or international organizations against individuals, legal entities, organizations, or states.
The economics of sanctions is a field of scientific research that is an integral part of institutional theory. It has been extensively studied by Western economists due to the importance of sanctions in the foreign economic policy of Western countries. Researchers such as Hufbauer et al. have examined various aspects of the impact of economic sanctions.
Trade sanctions can affect both imports and exports from the targeted country. Historically, exports have been the main focus of sanctions, particularly for relatively large countries that dominate export markets subject to sanctions, such as military equipment or production means. Targeted countries may still find alternative markets for their products.
Financial sanctions, defined narrowly as "the cancellation or delay of loans or grants" according to Hufbauer, are only applied in a quarter of cases [1]. However, financial sanctions have some advantages over trade sanctions: