Economy & Markets

2024-06-09 Gianmarco Ottaviano

Western Sanctions and Russia's Resilience: A Dead End?

Over two years have passed since the onset of the war between Russia and Ukraine and the subsequent imposition of the first Western sanctions on the Kremlin's international trade. More than a year has also elapsed since the European Union and its allies introduced price caps on petroleum products. Throughout this period, after a significant countercyclical crisis in 2022, the resilience of the Russian economy has surprised many, including Moscow's own authorities. After all, the effectiveness of sanctions must contend with the new multipolar geopolitics and the growing prosperity and financial sophistication of "third countries." Thirty years ago, it was almost impossible not to align with the Western line; today, it can even be profitable.

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