Financial sanctions against Russia: the range of application

Authors

  • Irina Pavlovna Gurova MGIMO University of the Foreign Ministry of the RF
  • Irina Nikolaevna Platonova Moscow State Institute of International Relations (University) MFA Russia

Keywords:

Financial restrictions, group of enterprises, control and influence, uncertainty and risk

Abstract

EU financial restrictions adversely affect macroeconomic environment for financial and nonfinancial enterprises in Russia and Europe, generating both obvious and hidden economic risks. They are applied not only to the state-owned enterprises directly included in the sanctions list, but to their groups of companies as well. The article identifies the methodological differences in the interpretation of the concept of «group of enterprises» that enhance uncertainties and may pose hidden risks in relations between Russian and European companies under fi nancial sanctions. Compared with the European financial sanctions U.S. sanctions are of a broader nature. Due to the status of the dollar as the key currency in payment operations and monetary transactions in the major commodity markets, the threat of restrictions of transactions in dollars affects all foreign partners.

Author Biographies

Irina Pavlovna Gurova, MGIMO University of the Foreign Ministry of the RF

Doctor of Economics, full professor
Place of work, post: MGIMO University of the Foreign Ministry of the RF, Academic Department of International Economic Relations and Foreign Economic Ties, professor

Irina Nikolaevna Platonova, Moscow State Institute of International Relations (University) MFA Russia

Doctor of Economic Sciences, Professor
Place of work, post: Moscow State Institute of International Relations (University) MFA Russia, Department of International Economic Relations and Foreign Relations, Head of the Department

Published

2024-02-08

How to Cite

Gurova, I. P., & Platonova, I. N. (2024). Financial sanctions against Russia: the range of application. Russian Foreign Economic Journal, (5), 49–62. Retrieved from https://journal.vavt.ru/rfej/article/view/890

Issue

Section

World economy