Reducing the Effectiveness of Sanctions: Analysis of the Sanctions Impact (2022–2024)

The article identifies the distinctive features of sanctions measures by the United Nations and the European Union, shows the identity of approaches towards the Russian Federation in 2022–2024 by the European Union and some other states. The purpose of the sanctions is indicated, divided by spheres of destructive influence on the Russian Federation. The results of scientific researches on the issue of identifying the most characteristic consequences of sanctions in the national economy in the Russian Federation and the prerequisites for overcoming such economic pressure are studied. The key protective measures taken to stabilize the economy of the Russian Federation are outlined. The approaches of the state authorities to the legal regulation of strategic economic processes that influenced the specifics of product exports are explained. Using key indicators, the dynamics of the economic development of the state is studied and an analysis of these numerical values is presented from the perspective of the ability of the Russian Federation to overcome sanctions pressure. The factors of socio-economic well-being, including those caused by the stabilization of the labor market and the influence of the Bank of Russia, have been identified. Using the example of indicators for total revenues and expenditures, the state’s tendency to reduce the federal budget deficit was revealed. The characteristics of the economic development of the state are presented in accordance with the forecasts of the relevant department by the end of 2024. Through additional study of the results of the scientific community in the sphere of the sanctions impact on the Russian Federation, the next factors of reducing the effectiveness of external economic restrictive measures were identified. Based on the analysis of the specifics of strengthening the economy of the Russian Federation in 2022–2024, two scenarios of the most likely development of the state are predicted, taking into account the effect of sanctions measures.

1. Ahmadi A. (2023) The State of the Russia Sanctions Campaign. Horizons: Journal of International Relations and Sustainable Development. Is. 24. Available at: https://www.cirsd.org/en/horizons/horizons-summer-2023--issue-no24/the-state-of-the-russia--sanctions-campaign

2. Bochkova T.A., Bakaeva Z.A. (2023) Russia’s Monetary Policy under Sanctions. Ekonomika i sotsium. No. 5–1(108). P. 494–498.

3. Byrda N.A., Zakharova T.I. (2023) The Financial Sector of Russia under the Conditions of Sanctions. Innovatsii i investitsii. No. 5. P. 213–216.

4. Demarais A. (2022) Backfire: How Sanctions Reshape the World Against U.S. Interests. New York: Columbia University Press.

5. Issabayev M., Moldashev K. (2024) Sanction Busting Within and Outside Regional Integration. The Journal of Economic Integration. Vol. 39. Is. 3. P. 671–687. DOI: 10.11130/jei.2024035

6. Matytsina N.P., Bulgakov D.A. (2023) Ekonomicheskiye sanktsii v otnoshenii Rossii, posledstviya i perspektivy [Economic sanctions against Russia, consequences and prospects]. Simvol nauki. No. 7–1. P. 39–41.

7. Nosyreva P.M. (2024) Import Substitution in Russia under Sanctions. Ekonomika i biznes: teoriya i praktika. No. 4–2(110). P. 205–208. DOI: 10.24412/2411-0450-2024-4-2-205-208

8. Rusavskaya A.V., Kuznetsova E.I. (2024) Russia’s Financial Sovereignty in the Context of Economic Sanctions. Vestnik UMTs. No. 3(44). P. 115–119. DOI: 10.24412/2587-6236-2024-344-115-119

9. Tomina V.O., Sumarokov E.V. (2023) Vliyaniye sanktsii na ekonomiku Rossii: vyzovy i perspektivy [The impact of sanctions on the Russian economy: Challenges and prospects]. Innovatsionnaya nauka. No. 12–1. P. 113–116.

10. Weber Y. (2023) The Russian Economy. New York: Columbia University Press.