Michael Funke (Hamburg University) - The Limited Effectiveness of Sanctions on Russia: Modelling Loopholes and Workarounds

BOFIT Seminar - Michael Funke (Hamburg University) - The Limited Effectiveness of Sanctions on Russia: Modelling Loopholes and Workarounds

Abstract

Following Russia’s invasion of Ukraine in February 2022, the US, the EU, and other like-minded global western countries swiftly imposed a sweeping set of smart export restriction and sanctions on Russia. This paper assesses the effectiveness of these measures using a calibrated multi-country open-economy dynamic general equilibrium model. As part of the analyses, particular attention is paid to trade diversion, sanction evasion efforts, re-exports, and ghost trade.

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