The Character and Effects of Sanctions Imposed on Russia in Consequence of Aggression Against Ukraine

EEconomicsconomicsics

Central European Review of Economics & Finance 9RO1R SS± '2,FHUHI 5HFHLYHG-DQXDU\$FFHSWHG$SULO

Helena ŭ8.2:6.$1 THE CHARACTER AND EFFECTS OF SANCTIONS IMPOSED ON RUSSIA IN CONSEQUENCE OF AGGRESSION AGAINST UKRAINE

The purpose of this article is to present sanctions applied to Russia after 2014 by the countries of the European Union, the United States, Canada, Switzerland and other. In addition, an attempt was made to determine the impact of sanctions on Russia's economy based on the analysis of Russia's economic situa- WLRQ7KLVWDVNZDVQRWHDV\VLQFHWKHHFRQRPLFVLWXDWLRQRI5XVVLDLQWKHDQDO\VHGSHULRGZDVLQÀXHQFHG E\WZRVLJQL¿FDQWIDFWRUV±WKHVDQFWLRQVDQGDIDOOLQWKHSULFHVRIIRVVLOIXHOV,QWKHDXWKRU¶VRSLQLRQWKH economic sanctions imposed on Russia have adversely affected the development of the Russian economy after 2014. Russia’s GDP has decreased, GDP growth rate has slowed down, global demand has GHFOLQHGSULFHVDQGLQWHUHVWUDWHVKDYHULVHQ,QÀDWLRQKDVLQFUHDVHGWKHURXEOHKDVEHFRPHGHYDOXHG the amount of foreign exchange reserves has gone down, and life quality of Russian citizens has deteriorated. The sanctions of the Western states against Russia as well as the sanctions reciprocally applied E\5XVVLDDJDLQVWWKHEURDGO\XQGHUVWRRGIRUHLJQFRXQWULHVKDYHQHJDWLYHO\LQÀXHQFHGWKHHFRQRPLHVRI many Western states which have also been affected by worse conditions of economic growth after 2014. 7KH¿QDOFRQFOXVLRQRIWKLVWH[WLVWKHFRQYLFWLRQWKDWWKHLQWURGXFWLRQRIHFRQRPLFVDQFWLRQVDJDLQVW5XV- sia and the isolation of Russia on the international stage has led to the weakening of Russia's economic development in the short term. In the longer term, the impact of sanctions on the Russian economy has been compensated. In this context, a question arises about the effectiveness of political and economic sanctions as a tool for restrictions in international relations. Higher effectiveness of sanctions will be en- sured in small economies, but lower in the case of large economies such as Russia.

Keywords:VDQFWLRQVDJDLQVW5XVVLD5XVVLD¶VHFRQRP\FRQVHTXHQFHVRIVDQFWLRQVRQWKH5XV- sian economy. -(/&ODVVLÀFDWLRQ&RGHs:)

Associate professor, PhD Habil, The Catholic University of Lublin, Poland. 21 Central European Review of Economics & Finance 9RO1R

Introduction 5XVVLD¶VLQYROYHPHQWLQWKHFRQÀLFWLQ8NUDLQHLQDQGDQGDQQH[DWLRQRI &ULPHDDQG6HYDVWRSROFDXVHGPDQ\VWDWHVWRSURWHVWDQGWDNHDFWLRQVFRQGHPQLQJ DQGGHQRXQFLQJVXFKDSROLF\RI5XVVLD9DULRXVW\SHVRIVDQFWLRQVLQFOXGLQJHFRQRPLF ones, have been imposed on Russia by many states, such as the EU, USA, Canada and Switzerland. 7KHPDLQREMHFWLYHRIWKHDUWLFOHLVJHQHUDODVVHVVPHQWRIWKHFRQVHTXHQFHVRIXVLQJ economic sanctions in relations between countries. Another aim is to present the effects RIVDQFWLRQVDSSOLHGDJDLQVW5XVVLDRQWKH5XVVLDQHFRQRP\

1. Sanctions of the European Union ,QVSHFL¿FVLWXDWLRQVWKH(XURSHDQ8QLRQXQGHUWDNHVDFWLRQVDLPHGDWSHUVXDGLQJ LQGLYLGXDOVHFRQRPLFHQWLWLHVDQGJRYHUQPHQWVRIFRXQWULHVDIIHFWHGE\VDQFWLRQVWR FKDQJHWKHLUSROLFLHVRUFRQGXFW,QWKLVZD\WKH(8SURPRWHVREMHFWLYHVRIWKH&RP- PRQ)RUHLJQDQG6HFXULW\3ROLF\ $PRQJWKHWRROVRIWKH(8&RPPRQ)RUHLJQDQG6HFXULW\3ROLF\WKHUHDUHDOVRVDQF- WLRQV6DQFWLRQVDUHLQVWUXPHQWVOLPLWLQJFHUWDLQDFWLRQVXQGHVLUDEOHE\WKH(XURSHDQ 8QLRQDVZHOODVSUHYHQWLYHPHDVXUHVHQDEOLQJWKH(8WRUHDFWTXLFNO\WRSROLWLFDO events and situations which stand in contradiction to its objectives and values. Sanc- WLRQVDUHDSSOLHGLQUHVSRQVHWRWHUURULVWLQFLGHQWVVSUHDGRIQXFOHDUZHDSRQVLQIULQJH- PHQWRIKXPDQULJKWVDQQH[DWLRQRIDIRUHLJQWHUULWRU\RUSXUSRVHIXOGHVWDELOL]DWLRQRI DVRYHUHLJQVWDWH*RDOVRIVDQFWLRQVDUH – VDIHJXDUGLQJRIYDOXHVYLWDOLQWHUHVWVDQGVHFXULW\RIWKH(8 – NHHSLQJSHDFHLQWKHZRUOG – VWUHQJWKHQLQJDQGVXSSRUWLQJGHPRFUDF\KXPDQULJKWVDQGUXOHVRILQWHUQDWLRQDOODZ – SUHYHQWLQJFRQÀLFWVDQGLQFUHDVLQJLQWHUQDWLRQDOVHFXULW\ How and When the EU Adopts Sanctions $OOWKH(8VDQFWLRQVDUHIXOO\FRPSOLDQWZLWKLQWHUQDWLRQDODJUHHPHQWVDQGUHJXODWLRQV of the international law. Sanctions can be imposed on: a) JRYHUQPHQWVRIQRQ(8FRXQWULHVGXHWRWKHLUSROLFLHV b) HFRQRPLFHQWLWLHVDQGRWKHULQVWLWXWLRQV¿QDQFLQJWKHVHSROLFLHV c) JURXSVDQGRUJDQL]DWLRQVPRVWO\WHUURULVWJURXSV d) LQGLYLGXDOVVXSSRUWLQJSDUWLFXODUSROLFLHVHJLQYROYHGLQWHUURULVWDFWLYLWLHV Sanctions are applied by the EU is such a way so that civilian populations, not re- VSRQVLEOHIRUSDUWLFXODUSROLFLHVDQGDFWLRQVRIJRYHUQPHQWVVKRXOGEHDIIHFWHGDVOLWWOH DVSRVVLEOH Guidelines on implementation and evaluation of restrictive measures; Best practices for the effective implementation of restrictive measures

22 +ĩXNRZVNDThe character and effects of sanctions imposed on Russia ...

'HSHQGLQJRQWKHVFRSHRILQÀXHQFHVDQFWLRQVFDQEHGLYLGHGLQWRWKRVHWDUJHWHGDW LQGLYLGXDOVDQGDWHFRQRPLFHQWLWLHV How and When the EU Adopts Sanctions )XUWKHUPRUHGHSHQGLQJRQWKHW\SHRILQÀXHQFHZHFDQGLVWLQJXLVKGLSORPDWLFVDQF- WLRQV VDQFWLRQVLQDEURDGVHQVH VDQFWLRQVLQDQDUURZVHQVHDVZHOODVVDQFWLRQV DSSOLHGRQWKH(8¶VRZQLQLWLDWLYHRUMRLQWO\ZLWKWKH8QLWHG1DWLRQV Types of sanctions, Diplomatic sanctionsDUHHJVXVSHQVLRQRIGLSORPDWLFUHODWLRQVZLWKDJLYHQFRXQWU\ or coordinated recall of diplomatic representatives of the EU and its member states from a country affected by sanctions. Sanctions in a narrow sensePXVWKDYHDVSHFL¿FOHJDOEDVLVLQWKH(8WUHDWLHV7KH\ LQFOXGHHPEDUJRRQSXUFKDVHDQGVDOHRIZHDSRQVHQWU\UHVWULFWLRQV±DEDQRQWUDY- HOOLQJIRUSHRSOHSXWRQDVSHFLDOOLVWWKHVHSHRSOHFDQQRWHQWHUWKH(8DQGLIWKH\DUH (8FLWL]HQVWKH\FDQQRWHQWHURWKHUPHPEHUVWDWHVIUHH]LQJRIDVVHWVRILQGLYLGXDOVRU HQWLWLHVSXWRQDVSHFLDOOLVWHFRQRPLFVDQFWLRQVWKDWLVUHVWULFWLRQVRQVSHFL¿FEXVLQHVV VHFWRUVHJDEDQRQLPSRUWRUH[SRUWRIFHUWDLQJRRGVDEDQRQLQYHVWPHQWDEDQRQ provision of some services. Sanctions on the EU’s own initiative or on the initiative of the United Nations are dis- WLQJXLVKHGDFFRUGLQJWRWKHLQLWLDWLQJHQWLW\6DQFWLRQVFDQEHLPSRVHGRQWKH(8¶VRZQ initiative or in order to implement a resolution of the UN Security Council. a) UN sanctions are implemented by the EU when they are adopted by the UN Security Council. b) Mixed sanctions pertain to situations when the EU acts jointly with the UN and then WKH(8FDQWRXJKHQWKH81VDQFWLRQVRUXVHDGGLWLRQDOPHDVXUHVDSDUWIURPWKRVH imposed by the UN Security Council. c) Autonomous sanctions are those introduced by the Council of the European Union on its own initiative. 6DQFWLRQVDUHDGRSWHGE\WKH&RXQFLORI(XURSHDWWKHPRWLRQRIWKH+LJK5HSUH- VHQWDWLYHRIWKH8QLRQIRU)RUHLJQ$IIDLUVDQG6HFXULW\3ROLF\7KHGHFLVLRQDERXWVDQF- tions must be taken unanimously by all members of the Council of Europe. If a deci- VLRQDERXWLQWURGXFWLRQRIVDQFWLRQVSURYLGHVIRUDVVHWIUHH]LQJRURWKHUHFRQRPLFDQG ¿QDQFLDOVDQFWLRQVRIWKH(8WKH&RXQFLO¶VUHVROXWLRQLVQHFHVVDU\WRLPSOHPHQWWKHP 7KH&RXQFLOQRWL¿HVWKH(XURSHDQ3DUOLDPHQWWKDWVXFKDUHVROXWLRQKDVEHHQDGRSWHG The resolution contains a detailed list of measures and information how to implement WKHP)XUWKHUPRUHDVDOHJDODFWH[WHQGLQJDOORYHUWKH(8LWLVELQGLQJRQHDFKLQ- GLYLGXDODQGHDFKHQWLW\LQWKH(8 HQWHUSULVHVSXEOLFERGLHVHWF %RWKGHFLVLRQVDQG UHVROXWLRQVRIWKH&RXQFLOEHFRPHHIIHFWLYHXSRQWKHLUSXEOLFDWLRQLQWKH2I¿FLDO-RXUQDO RIWKH(XURSHDQ8QLRQ$GHFLVLRQDQGDUHVROXWLRQDUHHQDFWHGWRJHWKHUVRWKDWWKHLU HIIHFWVFRXOGRFFXUDWWKHVDPHWLPH,QGLYLGXDOVDQGHQWLWLHVRQZKRPDVVHWIUHH]LQJ or a travel ban have been imposed are informed about the sanctions either directly or

23 Central European Review of Economics & Finance 9RO1R

WKURXJKDQDQQRXQFHPHQWSXEOLVKHGLQWKH2I¿FLDO-RXUQDORIWKH(XURSHDQ8QLRQWKH &VHULHV How and When the EU Adopts Sanctions All sanctions are reviewed at least once a year. Moreover, individuals on whom sanc- WLRQVKDYHEHHQLPSRVHGFDQ¿OHDVXEVWDQWLDWHGPRWLRQWRWKH(XURSHDQ&RXQFLOIRU reconsideration of the decision about sanctions.

2. The EU sanctions in response to the crisis in Ukraine ,QFRQQHFWLRQZLWKKRVWLOHDFWLRQVWRZDUGV8NUDLQHWDNHQE\5XVVLDLQDQG WKDWLVGHOLEHUDWHGHVWDELOL]DWLRQRI8NUDLQHDQGLOOHJDODQQH[DWLRQRI&ULPHDWKH(8 KDVLQWURGXFHGDEURDGUDQJHRIVDQFWLRQVDJDLQVW5XVVLDVLQFH0DUFKVXFKDV a) diplomatic measures, b) LQGLYLGXDOVDQFWLRQVLQWKHIRUPRIDVVHWIUHH]LQJDQGWUDYHOUHVWULFWLRQVRQQDWXUDO DQGOHJDOSHUVRQV c) restrictions on economic relations with Crimea and Sevastopol, d) HFRQRPLFVDQFWLRQVDQGUHVWULFWLRQVRQHFRQRPLFFRRSHUDWLRQ EU restrictive measures in response to the crisis in Ukraine

Diplomatic measures 7KHVXPPLW(85XVVLDZDVFDQFHOOHGLQ7KHPHPEHUVWDWHVGHFLGHGQRWWR KROGPHHWLQJVZLWK5XVVLDDWUHJXODUELODWHUDOVXPPLWV0RUHRYHUELODWHUDOWDONVZLWK 5XVVLDRQYLVDLVVXHVZHUHDOVRVXVSHQGHG2Q±-XQHLQVWHDGRI*VXPPLW LQ6RFKL*VXPPLWZDVRUJDQL]HGLQ%UXVVHOV6LQFHWKHQPHHWLQJVRI*VWDWHVKDYH EHHQKHOG)XUWKHUPRUHWKH(8VWDWHVKDYHEDFNHGXSVXVSHQVLRQRIQHJRWLDWLRQVRQ 5XVVLD¶VDFFHVVLRQWRWKH2UJDQLVDWLRQIRU(FRQRPLF&RRSHUDWLRQDQG'HYHORSPHQW 2(&' DQGWRWKH,QWHUQDWLRQDO(QHUJ\$JHQF\

Individual sanctions targeted at Russian and Ukrainian natural and legal persons ,QGLYLGXDOVDQFWLRQVLQFOXGHPRVWO\IUHH]LQJRIDVVHWVDQGUHVWULFWLRQVRQWUDYHORI QDWXUDOSHUVRQVDQGUHSUHVHQWDWLYHVRIOHJDOSHUVRQV,Q±VXFKVDQFWLRQV ZHUHLPSRVHGRQQDWXUDOSHUVRQVDQGOHJDOSHUVRQVZKRVHDFWLRQVLQIULQJHG WHUULWRULDOLQWHJULW\VRYHUHLJQW\DQGDXWRQRP\RI8NUDLQH)RULQVWDQFHRQ1RYHPEHU VDQFWLRQVIRULQIULQJHPHQWRIWHUULWRULDOLQWHJULW\RI8NUDLQHZHUHLPSRVHGRQWKH *RYHUQRURI6HYDVWRSRO EU restrictive measures in response to the crisis in Ukraine, ,QGLYLGXDOVDQFWLRQVHIIHFWLYHVLQFH0DUFKKDYHEHHQPDLQWDLQHGDQGUHJXODUO\ H[WHQGHGDQGLQ6HSWHPEHUWKH\ZHUHSURORQJHGXQWLO0DUFK

24 +ĩXNRZVNDThe character and effects of sanctions imposed on Russia ...

Sanctions for misappropriation of Ukrainian public funds targeted at citizens of Ukraine ,Q0DUFKWKH(XURSHDQ&RXQFLOGHFLGHGWRIUHH]HDVVHWVRISHRSOHUHVSRQVLEOH for misappropriation of Ukrainian public funds. These sanctions have been extended XQWLO0DUFK

Restrictions on economic relations with Crimea and Sevastopol 7KH&RXQFLORI(XURSHDGRSWHGUHVWULFWLRQVLQUHVSRQVHWRWKHLOOHJDODQQH[DWLRQRI WKHWHUULWRU\RI&ULPHDDQG6HYDVWRSROE\5XVVLD7KHVHUHVWULFWLRQVDUHELQGLQJRQWKH EU citizens and the EU-based companies. They are limited to the territory of Crimea and Sevastopol and comprise: a) DEDQRQLPSRUWRIJRRGVIURP&ULPHDDQG6HYDVWRSROWRWKH(8 b) restrictions on trade and investment in certain sectors of economy and infrastructure projects, c) DEDQRQSURYLGLQJWRXULVWVHUYLFHVE\WKH(8HQWHUSULVHVLQ&ULPHDDQG6HYDVWRSRO d) DEDQRQH[SRUWRIFHUWDLQJRRGVDQGWHFKQRORJLHV EU restrictive measures in response to the crisis in Ukraine 2Q-XQHWKH(XURSHDQ&RXQFLOH[WHQGHGWKHVHVDQFWLRQVXQWLO-XQH

Economic sanctions against Russia in certain sectors of economy ,Q-XO\DQG6HSWHPEHUWKH(8LPSRVHGHFRQRPLFVDQFWLRQVRQWUDGHZLWK5XV- VLDLQVHOHFWHGVHFWRUVRIHFRQRP\,Q0DUFKWKH(8OHDGHUVGHFLGHGWKDWOLIWLQJRI WKHVDQFWLRQVZRXOGEHFRQGLWLRQDOXSRQIXOOLPSOHPHQWDWLRQRIWKH0LQVNDJUHHPHQWV DLPHGDWVROXWLRQRIWKHFRQÀLFWLQ8NUDLQH$VLWKDVQRWKDSSHQHGWKHHFRQRPLFVDQF- WLRQVKDYHEHHQH[WHQGHGDQGWKH\DUHFXUUHQWO\ELQGLQJXQWLO-DQXDU\7KHVH sanctions comprise: – OLPLWDWLRQRIDFFHVVRIFHUWDLQ5XVVLDQEDQNVDQGFRPSDQLHVWRWKH(8¿QDQFLDO market, – a ban on export and import of weapons, – DEDQRQH[SRUWRIGXDOXVHSURGXFWVWR5XVVLD WKDWLVSURGXFWVZKLFKFDQEHXVHG for military purposes), – OLPLWDWLRQRI5XVVLD¶VDFFHVVWRWHFKQRORJLHVDQGVHUYLFHVZKLFKFDQEHXVHGIRU production and extraction of crude oil from the seabed or in Arctic.

Restrictions on economic cooperation with Russia ,Q-XO\WKH(8LQWURGXFHGUHVWULFWLRQVRQHFRQRPLFFRRSHUDWLRQZLWK5XVVLD – DQDSSHDOZDVORGJHGZLWKWKH(XURSHDQ,QYHVWPHQW%DQNWRVXVSHQGDSSURYDORI QHZ¿QDQFLQJRSHUDWLRQVLQWKH5XVVLDQ)HGHUDWLRQ

25 Central European Review of Economics & Finance 9RO1R

– WKH(8PHPEHUVWDWHVDJUHHGWRFRRUGLQDWHWKHLUSRVLWLRQVZLWKLQWKH%RDUGRI'LUHF- WRUVRIWKH(XURSHDQ%DQNIRU5HFRQVWUXFWLRQDQG'HYHORSPHQWLQRUGHUWRVXVSHQG DOVRWKH¿QDQFLQJRIQHZRSHUDWLRQVZLWKSDUWLFLSDWLRQRI5XVVLDQHQWLWLHV – WKHLPSOHPHQWDWLRQRIWKH(8SURJUDPPHVRIELODWHUDODQGUHJLRQDOFRRSHUDWLRQZLWK Russia was reassessed and some of them were suspended. 7RVXPXSWKH(8VDQFWLRQVKDYHEHHQLPSRVHGRQVXFKQDWXUDODQGOHJDOSHU- VRQVZKRVHDFWLRQVSRVHDWKUHDWWRVRYHUHLJQW\DQGWHUULWRULDODXWRQRP\RI8NUDLQH PRVWO\IURP5XVVLDEXWDOVRIURP&ULPHDDQGIURPWKHUHJLRQVRI'RQHWVNDQG/XKDQVN 8NUDLQH 7KHOLVWRILQGLYLGXDOVFRYHUHGE\WKH(8VDQFWLRQVKDVEHHQPRGL¿HGDQG HJLQ'HFHPEHULWFRQWDLQHGSHRSOHZKHUHDVWKHQXPEHURILQVWLWXWLRQVDQG RUJDQL]DWLRQVZDV List of persons and entities under EU restrictive measures over the territorial integrity of Ukraine

3. Sanctions of other highly developed countries against Russia The United States The United States introduced individual sanctions in the relations with Russia already RQ0DUFK)LUVWDOLVWRISHRSOHFRYHUHGE\VDQFWLRQVZDVSXEOLVKHG7KHVH ZHUHPRVWO\SHRSOHIURPWKHDGPLQLVWUDWLRQRIWKH3UHVLGHQWRI5XVVLD DGYLVHUWRWKH 3UHVLGHQW DQGWKH5XVVLDQJRYHUQPHQW WKH&KDLUPDQRIWKH)HGHUDWLRQ&RXQFLODQG WKH3ULPH0LQLVWHUDQG'HSXW\3ULPH0LQLVWHURI&ULPHD 2Q0DUFKWKHOLVW ZDVH[WHQGHGWRLQFOXGHPRUHSHRSOHIURPWKHFHQWUDODXWKRULWLHV WKHJRYHUQPHQW and the parliament of the Russian Federation). In March the cooperation with Russia RQFRPEDWLQJGUXJVZDVDOVRVXVSHQGHG Kublik ,Q$SULOHFRQRPLFVDQFWLRQVZHUHLQWURGXFHG±$PHULFDQ5XVVLDQPLOLWDU\DQG HQHUJ\SURMHFWV LQFOXGLQJQXFOHDUHQHUJ\ ZHUHVXVSHQGHGDQGDEDQRQH[SRUWRI military products to Russia was imposed. Moreover, sanctions were extended to include IXUWKHULQGLYLGXDOVUHSUHVHQWLQJLPSRUWDQW5XVVLDQFRPSDQLHVIURPWKHRLODQGJDVVHF- WRUV DOWRJHWKHUSHRSOHIURPRLOFRPSDQLHVORFDWHGLQ&ULPHDDQGDERXWDGR]HQRI SHRSOHDQG5XVVLDQHQWHUSULVHVIURPWKHEDQNLQJDQGIXHOVHFWRUV ,Q-XQHLQGLYLGXDOVDQFWLRQVZHUHLPSRVHGRQIXUWKHUSHRSOHIURPWKHDXWKRUL- WLHVRIWZR8NUDLQLDQUHJLRQV'RQHWVNDQG/XKDQVNVXSSRUWLQJ5XVVLD¶VDJJUHVVLRQ DJDLQVW8NUDLQH ,Q-XO\VDQFWLRQVWDUJHWHGDW5XVVLDQEDQNVDQGIXHOFRPSDQLHVZHUHLQWUR- duced. Assets of these entities were frozen in American banks. Furthermore, Russian FRPSDQLHVFRXOGQRWEHJUDQWHGFUHGLWE\$PHULFDQEDQNVIRUDSHULRGORQJHUWKDQ GD\V0RUHRYHUOLFHQVLQJRIH[SRUWWR5XVVLDZDVLQWURGXFHGSHUWDLQLQJWRVXFKJRRGV as: equipment for oil extraction from the seabed and in Arctic, and products for the construction industry.

26 +ĩXNRZVNDThe character and effects of sanctions imposed on Russia ...

,Q$XJXVWDQG6HSWHPEHUVDQFWLRQVZHUHLPSRVHGRQVHYHUDOPRUH5XVVLDQ EDQNVLQFOXGLQJWKHODUJHVW5XVVLDQEDQN±6EHUEDQNRI5XVVLD±DQGWKHSHULRGRI JUDQWLQJFUHGLWWRDOO5XVVLDQEDQNVZDVVKRUWHQHGIURPWRGD\V)XUWKHUPRUH 5 companies from the defence industry were denied access to the US-based assets. $WRWDOEDQRQH[SRUWRIJRRGVVHUYLFHVDQGWHFKQRORJLHVIRUWKH5XVVLDQPLQLQJLQ- GXVWU\ZDVLQWURGXFHGDVZHOODVDEDQRQJUDQWLQJFUHGLWWRPDQ\HQWHUSULVHVIURPWKH 5XVVLDQHQHUJ\LQGXVWU\ 0RUHRYHULQ'HFHPEHUDEDQRQH[SRUWRI$PHULFDQJRRGVWR&ULPHDDQG a ban on import from Crimea were introduced. In addition, sanctions were imposed on QDWXUDOSHUVRQVDQGOHJDOSHUVRQVRSHUDWLQJLQ&ULPHDDQGRQWKHOHDGHUVRIWKH Ukrainian separatists. ,Q0DUFKWKHDERYHPHQWLRQHGVDQFWLRQVZHUHH[WHQGHGIRUWKHZKROH\HDU DQGWKHOLVWRIHQWLWLHVFRYHUHGE\VDQFWLRQVZDVIXUWKHUH[SDQGHGWRLQFOXGHWKH (XURDVLDQ

Canada &DQDGDLQWURGXFHG¿UVWVDQFWLRQVDJDLQVWQDWXUDODQGOHJDOSHUVRQVÄSRVLQJDWKUHDW WRVRYHUHLJQW\DQGWHUULWRULDOLQWHJULW\RI8NUDLQH´VLPXOWDQHRXVO\ZLWKWKH86$WKDWLVRQ

27 Central European Review of Economics & Finance 9RO1R

0DUFK7KHVDQFWLRQVZHUHWDUJHWHGDWSHRSOHKROGLQJSXEOLFRI¿FHVLQ5XVVLD DQGSHRSOHIURP8NUDLQH7KHVHVDQFWLRQVFRQVLVWHGLQDVVHWIUHH]LQJDQGDEDQRQ JUDQWLQJHQWU\YLVDVWR&DQDGD $IWHUWKLVGDWHWKHOLVWRISHRSOHFRYHUHGE\WKHVDQFWLRQVZDVH[WHQGHG2Q 0DUFKVDQFWLRQVZHUHLPSRVHGRQ5XVVLDQDQG8NUDLQLDQSROLWLFDODFWLYLVWV DQGRQ0DUFKDOVRRQWKHHPSOR\HHVRIWKHFHQWUDOEDQN %DQNRI5XVVLD DQG 5XVVLDQSROLWLFLDQV2Q$SULOWKHOLVWRISHRSOHFRYHUHGE\VDQFWLRQVZDVIXUWKHU extended to include the chairmen of election commissions in Sevastopol and Crimea, DVZHOODVDFRPSDQ\IURPWKHIXHOVHFWRU±&KRUQRPRUQDIWRJDV7KHQRQ$SULO sanctions were imposed on 2 banks and 9 Russian individuals from the world of politics and business. 2Q0D\&DQDGDDSSOLHGIXUWKHUVDQFWLRQVDJDLQVW5XVVLDQHQWHUSULVHV DQGEDQNVDQGRQ0D\DJDLQVWSHRSOH 5XVVLDQFLWL]HQVDQGSHRSOHIURP 6RXWK(DVWHUQ8NUDLQH ,Q-XQHVDQFWLRQVZHUHLPSRVHG¿UVWRQFLWL]HQVRI 5XVVLDDQG8NUDLQHDQGWKHQRQPRUHWKDQSHRSOHDQGHQWHUSULVHVDQGEDQNV ,QWKHVXEVHTXHQWPRQWKVRIDQGWKHVDQFWLRQVZHUHPDLQWDLQHGDQG extended to include further people, institutions and companies from Russia, Crimea, 6HYDVWRSRODQGWKH8NUDLQLDQVHSDUDWLVWUHSXEOLFV±'RQHWVNDQG/XKDQVN$WWKHHQG RIWKHVDQFWLRQVLPSRVHGE\&DQDGDFRYHUHGQDWXUDOSHUVRQVDQGOHJDO SHUVRQV LQVWLWXWLRQVDQGHQWHUSULVHV Wsie sankcji zapada protiw Rosii, Retrieved Oc- WREHUIURPKWWSWDVVUXPH]GXQDURGQDMDSDQRUDPD). $IWHU1RYHPEHU&DQDGDLQWURGXFHGIXUWKHUVDQFWLRQVDJDLQVW5XVVLDQ FLWL]HQVUHVSRQVLEOHIRUWKHVRFDOOHG0DJQLWVN\FDVH6HUJHL0DJQLWVN\D5XVVLDQ ODZ\HULQYHVWLJDWHG¿QDQFLDOFULPHVLQ5XVVLDHJLOOHJDOWDNLQJRYHUWKHRZQHUVKLSRI IRUHLJQLQYHVWPHQWVLQ5XVVLD+HZDVDUUHVWHGLQRQDIHLJQHGFKDUJHRI¿VFDO FULPHVDQGGLHGLQD5XVVLDQSULVRQDVDUHVXOWRIEHLQJEHDWHQ7KHJURXSRISHRSOH FRYHUHGE\VDQFWLRQVLQFOXGHVERWKUHSUHVHQWDWLYHVRIPD¿DVWUXFWXUHVDQGRI¿FLDOVRI WKH5XVVLDQMXGLFLDU\DQGWD[RI¿FHV Russia condemned Canada’s sanctions against 30 Russian citizens, Retrieved November 5, 2017 from: https://wiadomosci.onet.pl/swiat/ rosja-potepila-sankcje-kanady-na-30-jej-obywateli/fvkp03b). 6LQFHWKHLQWURGXFWLRQRIWKH¿UVWVDQFWLRQVDJDLQVW5XVVLDWKDWLVVLQFH0DUFK &DQDGDKDVEHHQH[WHQGLQJLWVOLVWRISHRSOHDQGLQVWLWXWLRQVDIIHFWHGE\VDQF- WLRQV,Q1RYHPEHUWKHOLVWRILQGLYLGXDOVFRYHUHGE\VDQFWLRQVFRPSULVHGRYHU SHRSOHZKHUHDVWKHOLVWRIHQWHUSULVHVDQGRUJDQL]DWLRQVFRQWDLQHGPRUHWKDQ HQWLWLHV Sankcii Kanady w otnoszenii Rossii. Dosie5HWULHYHG2FWREHUIURP http://tass.ru/info/4702366).

28 +ĩXNRZVNDThe character and effects of sanctions imposed on Russia ...

Switzerland $VDFRQVHTXHQFHRIWKHQHJDWLYHHYDOXDWLRQRIWKH5XVVLDQJRYHUQPHQW¶VSRVLWLRQ LQWKHFRQÀLFWLQ8NUDLQHRQ0DUFK6ZLW]HUODQGEURNHRIIWKHWDONVZLWK5XV- VLDRYHUQHJRWLDWLRQVRIIUHHWUDGHDJUHHPHQWV :72 2Q0DUFK6ZLW]HUODQG VWRSSHGWKHVXSSO\RIPLOLWDU\SURGXFWVWR5XVVLDDQGFHDVHGWR¿QDQFHWUDLQLQJVRI 5XVVLDQVHUYLFHPHQDQGRQ$SULOLQWURGXFHGUHVWULFWLRQVRQFRQGXFWLQJPRQHWDU\ VHWWOHPHQWVLQ6ZLW]HUODQGIRU5XVVLDQHQWHUSULVHV$VDUHVXOWIURP0DUFKWR$XJXVW 6ZLW]HUODQGLPSRVHGVDQFWLRQVRQSHRSOHDQGLQVWLWXWLRQVDQGHQWHUSULVHV IURPWKHDYLDWLRQLQGXVWU\DQGWKH¿QDQFLDOVHFWRU Wsie sankcji zapada protiw Rosii, >RQOLQH@KWWSWDVVUXPH]GXQDURGQDMDSDQRUDPD>5HWULHYHG2FWREHU @ ,QFRPSDULVRQWRWKH(886$DQG&DQDGD6ZLW]HUODQG¶VVDQFWLRQVDJDLQVW5XVVLD were far less severe and affected a smaller number of citizens.

Sanctions of other countries against Russia after its aggression towards Ukraine $OWKRXJKWKHPDMRULW\RIVWDWHVZRUOGZLGHQHJDWLYHO\HYDOXDWHG5XVVLD¶VSRVLWLRQLQ WKHFRQÀLFWLQ8NUDLQHWKH\GLGQRWWDNHDQXQHTXLYRFDOVWDQFHWRZDUGVDSSOLFDWLRQRI HFRQRPLFVDQFWLRQVDJDLQVWFLWL]HQVDQGFRPSDQLHVRI5XVVLD&ULPHDDQGWKHVHSDUD- WLVWUHSXEOLFVRI'RQHWVNDQG/XKDQVN(FRQRPLFVDQFWLRQVDJDLQVW5XVVLDRIYDULRXV forms and scope, have been imposed by the United States, Canada, Switzerland, Aus- tralia and Japan and the majority of the EU states. However, it should be emphasized that the attitudes of the EU states towards introduction of sanctions are not uniform. ,Q-XO\DVPDQ\DV(8FRXQWULHV )UDQFH*HUPDQ\/X[HPERXUJ$XVWULD%XO- JDULD*UHHFH&\SUXV6ORYHQLD,WDO\ ZHUHFDXWLRXVDERXWXVLQJVDQFWLRQVDJDLQVW 5XVVLDGHVSLWHWKHLUFRQVHQWWRWKHVDQFWLRQVJUDQWHGLQ DOOWKH(8VWDWHVYRWHG for introduction of sanctions because this decision has to be unanimous). Nevertheless, UHSUHVHQWDWLYHVRIVRPH(8FRXQWULHVVSRNHDJDLQVWVDQFWLRQV – ÄVDQFWLRQVGRQRWVROYHDQ\WKLQJ´ 3ULPH0LQLVWHURI6ORYDNLD – ÄVDQFWLRQVVKRXOGEHFKDQJHGEHFDXVHWKH\GRQRWSURGXFHH[SHFWHGHIIHFWV´ 3UHV- ident of the Czech Republic), – ÄVDQFWLRQVLVDURDGWRQRZKHUH´ 3ULPH0LQLVWHURI*UHHFH Wsie sankcji zapada protiw Rosii >RQOLQH@ KWWSWDVVUXPH]GXQDURGQDMDSDQRUDPD >5H- WULHYHG2FWREHU@

4. Summary of the list of sanctions used against the aggressors towards Ukraine 6DQFWLRQVIRUSXUSRVHIXOGHVWDELOL]DWLRQRI8NUDLQHDQGLOOHJDODQQH[DWLRQRI&ULPHD ±DJDLQVW5XVVLD&ULPHDDQGWKH8NUDLQLDQVHSDUDWLVWUHSXEOLFV 'RQHWVNDQG/XKDQVN

29 Central European Review of Economics & Finance 9RO1R have been introduced by several countries of the world. The sanctions have been im- SRVHGRQQDWXUDOSHUVRQVVWDWHLQVWLWXWLRQVFRPPXQLW\RUJDQL]DWLRQVDQGOHJDOHQWLWLHV mostly enterprises. Comprehensive and detailed data about the entities covered by the VDQFWLRQVLVDYDLODEOHDOVRLQLQIRUPDWLRQPDWHULDOVRIWKH5XVVLDQ1HZV$JHQF\7$66 ZKLFKVKRXOGEHHYDOXDWHGSRVLWLYHO\ Wsie sankcji zapada protiw Rosii, Retrieved Oc- WREHUIURPKWWSWDVVUXPH]GXQDURGQDMDSDQRUDPD ,QWKHJURXSRIQDWXUDOSHUVRQVVDQFWLRQVKDYHEHHQLPSRVHGRQ – 5XVVLDQSROLWLFLDQVDQGVWDWHRI¿FLDOVSHRSOH – 5XVVLDQEXVLQHVVPHQSHRSOH – RWKHU 5XVVLDQ FLWL]HQV SHRSOH ZKR DFWLYHO\ VXSSRUW WKH 5XVVLDQ DJJUHVVLRQ DJDLQVW 8NUDLQH HJ OHDGHUV RI D \RXWK PRYHPHQW RU WKH OHDGHU RI WKH Ä1LJKW Wolves” Motorcycle Club), – citizens of Crimea: 29 people, – FLWL]HQVRIRWKHUFRXQWULHVSHRSOH 6ZHGHQDQG)LQODQG – SROLWLFDODFWLYLVWVUHSUHVHQWLQJ'RQHWVN5HSXEOLFDQG/XKDQVN5HSXEOLFSHRSOH – IRUPHU3UHVLGHQWRI8NUDLQH±9LNWRU

30 +ĩXNRZVNDThe character and effects of sanctions imposed on Russia ...

7DNLQJLQWRDFFRXQWWKHW\SHVRIHQWHUSULVHVDIIHFWHGE\VDQFWLRQVYDULRXVUHVWULFWLYH PHDVXUHVKDYHEHHQLPSRVHGRQEDQNVRURWKHU¿QDQFLDOLQVWLWXWLRQVHQWHU- SULVHVIURPWKHQHZWHFKQRORJLHVVHFWRUDQGWKHGHIHQFHVHFWRUHQWHUSULVHVIURPWKH IXHOVHFWRUDQGHQHUJ\VHFWRUWUDQVSRUWFRPSDQLHVFRQVWUXFWLRQFRPSDQLHVDQG ZLQHSURGXFLQJFRPSDQLHVLQ&ULPHD Wsie sankcji zapada protiw Rosii, Retrieved 2FWREHUIURPKWWSWDVVUXPH]GXQDURGQDMDSDQRUDPD

Table 1. Economic sanctions imposed on Russia Economic sector List of sanctions Oil sector Restrictions on cooperation with selected enterprises from the oil sector and associ- ated companies from other economic sectors 2. $EDQRQH[SRUWWR5XVVLDRIWHFKQRORJLHVIRURLOH[WUDFWLRQDQGSURFHVVLQJ 3. )UHH]LQJRIH[LVWLQJFRRSHUDWLRQDJUHHPHQWVDQGUHIXVDOWRVLJQQHZFRRSHUDWLRQ DJUHHPHQWVXQGHUQHZSURMHFWV Gas sector 4. 5HVWULFWLRQVRQFRRSHUDWLRQZLWKVHOHFWHGHQWHUSULVHVIURPWKHJDVVHFWRUDQGDVVR- ciated companies from other economic sectors 5. )UHH]LQJRIH[LVWLQJFRRSHUDWLRQDJUHHPHQWVDQGUHIXVDOWRVLJQQHZFRRSHUDWLRQ DJUHHPHQWVXQGHUQHZSURMHFWV Financial sector 6. )UHH]LQJRI¿QDQFLDODVVHWVRI5XVVLDQQDWXUDODQGOHJDOSHUVRQV DQGEDQNLQJVHFWRU 7. 6HSDUDWLRQRI5XVVLD¶VEDQNLQJVWUXFWXUHVIURPLQWHUQDWLRQDOSD\PHQWV\VWHPV 8. 5HVWULFWLRQVRQSODFHPHQWRI¿QDQFLDOPHDQVLQIRUHLJQEDQNV 9. Restrictions on access to bank loans for Russian entities 5HVWULFWLRQVRQFRQGXFWLQJEXVLQHVVDFWLYLW\DEURDGIRU5XVVLDQHQWLWLHV Defence sector $EDQRQFRQGXFWLQJRSHUDWLRQVZLWK5XVVLDLQWKHDUHDRIH[SRUWDQGLPSRUWRI weapons $EDQRQH[SRUWRIGXDOXVHSURGXFWVWR5XVVLDDVZHOODVDQ\RWKHUWHFKQRORJLHV which can be used for defence purposes Other 6DQFWLRQVDJDLQVWSDUWLFXODUSHRSOHLQVWLWXWLRQVDQGRUJDQL]DWLRQVRIWKH5XVVLDQ Federation $EDQRQ¿QDQFLQJLQYHVWPHQWSURMHFWVVXSSO\RIPDWHULDOVDQGHTXLSPHQWIRU REMHFWVRILQIUDVWUXFWXUHWUDQVSRUWDQGHQHUJ\VHFWRURIHQWLWLHVIURP5XVVLD&ULPHD and Sevastopol 6RXUFHàRJLQRYD,: 7LWDULHQNR%$ Ekonomiczeskije sankcji protiv Rossii, Aktualnyje Woprosy (NRQRPLF]HVNLFK1DXNQR±

(YHQWKRXJK3UHVLGHQWRI5XVVLD9ODGLPLU3XWLQH[SUHVVHGLQWKHPHGLDQRFRQFHUQ DERXWDQ\VLJQL¿FDQWLPSDFWRIHFRQRPLFVDQFWLRQVRQWKH5XVVLDQHFRQRP\H[SHUWV SRLQWHGWRDQXPEHURIWKUHDWVWR5XVVLD¶VHFRQRPLFJURZWKDIWHUWKHLQWURGXFWLRQRI sanctions. Effects of sanctions have been observed both in the Russian economy and LQHFRQRPLHVRIRWKHUFRXQWULHVRIWKHZRUOG ERWKLPSRVLQJVDQFWLRQVDQGQHXWUDOLQ WKLVUHVSHFW ,QFUHDVLQJO\LQSXEOLFDWLRQVRI5XVVLDQDXWKRUVWKHUHDUHH[SHFWDWLRQVWKDW VDQFWLRQVDJDLQVW5XVVLDVKRXOGEHOLIWHGVRRQ %DUNRZVNLM $áDEMDQ

31 Central European Review of Economics & Finance 9RO1R

5. Effects of economic sanctions (IIHFWVRIHFRQRPLFVDQFWLRQVLPSRVHGRQ5XVVLDLQVKRXOGEHSHUFHLYHGIURP WKHIROORZLQJWZRSHUVSHFWLYHVDV – HIIHFWVRIIRUHLJQVDQFWLRQVRQ5XVVLD¶VHFRQRP\ – HIIHFWVRI5XVVLD¶VHPEDUJRRQHFRQRPLHVRIWKHFRXQWULHVXVLQJVDQFWLRQV After three years since of the introduction of sanctions, statistical data demonstrate that they have caused considerable losses for the Russian economy. A slowdown in *'3JURZWKLQ±LVHVWLPDWHGDW$VDUHVXOWRIDGHFUHDVHLQFUXGHRLO SULFHVRQWKHJOREDOPDUNHWVWDWHEXGJHWUHYHQXHKDVGURSSHGE\FDEQ86',Q total, as a result of economic sanctions imposed on Russia, losses amount to almost EQ86' Nowicki Moreover, sanctions result in worse conditions of economic development for the FRXQWULHVXVLQJWKHP$FFRUGLQJWRGDWDRIWKH$XVWULDQ,QVWLWXWHRI(FRQRPLF5HVHDUFK WKHVDQFWLRQVLPSRVHGRQ5XVVLDRQO\XQWLOLQFOXVLYHFRVWWKH(8DOPRVWEQ (85DQGDORVVRIZRUNSODFHV7KHODUJHVWHFRQRPLFORVVHVGXHWRWKHLQWUR- GXFWLRQRIVDQFWLRQVDJDLQVW5XVVLDZHUHVXVWDLQHGE\WKH*HUPDQHFRQRP\ RYHUEQ EUR and 97,000 workplaces). Austria lost ca. 550 million EUR and 7,000 workplaces, DQG$XVWULDQH[SRUWWR5XVVLDKDVGHFUHDVHGE\DOPRVW'XHWRWKHFRROLQJRIWKH HFRQRPLFUHODWLRQVZLWK5XVVLD3RODQGKDVORVWEQ(85DQGKDVUDQNHGVHFRQGLQ WKHOLVWRIWKH(8VWDWHVWKHPRVWKDUPHGE\WKHLQWURGXFWLRQRIVDQFWLRQVDJDLQVW5XVVLD Nowicki

6. The economic situation of Russia in the period covered by the economic sanctions 7KHPDFURHFRQRPLFGDWDGHPRQVWUDWHWKDW±ZDVDGLI¿FXOWSHULRGLQWKH development of the Russian economy, also as a consequence of the sanctions imposed. However, it is not easy to isolate solely the impact of the Western sanctions on the Russian economy due to the fact that the development of the Russian economy in that period was adversely affected not only by the introduction of economic sanctions on DEURDGVFDOHEXWDOVRE\DGURSLQFUXGHRLOSULFHV(YHQWKRXJKWKHGURSLQRLOSULFHV ZDVQRWGLUHFWO\DVVRFLDWHGZLWKWKHVDQFWLRQVLQWURGXFHGLWZDVDQHJDWLYHIDFWRULQWKH 5XVVLDQHFRQRP\%RWKWKHVHFLUFXPVWDQFHVSURGXFHGDV\QHUJ\HIIHFWDQGVWURQJO\ FRQWULEXWHGWRDGYHUVHGHYHORSPHQWWUHQGVLQWKH5XVVLDQHFRQRP\GXULQJWKDWSHULRG $VLWLVLPSRVVLEOHWRLVRODWHWKHLQÀXHQFHRISDUWLFXODUGHYHORSPHQWIDFWRUVRIWKH Russian economy, Russia’s situation shall be discussed below in the context of two de- WHUPLQDQWVRIGHYHORSPHQW±WKHVDQFWLRQVDQGDGURSLQRLOSULFHVA drop in oil prices 7KHLQWURGXFWLRQRIHFRQRPLFVDQFWLRQVDJDLQVW5XVVLDFRLQFLGHGZLWKDVLJQL¿FDQW GURSLQRLOSULFHVRQWKHJOREDOPDUNHW7KHSULFHRIRLOZDVJRLQJGRZQVLQFHPLG

32 +ĩXNRZVNDThe character and effects of sanctions imposed on Russia ...

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Graph 1. Oil price in 2012–2017 (in USD per barrel) 6RXUFH 7UDGLQJ (FRQRPLFV 5HWULHYHG 'HFHPEHU IURP KWWSVSOWUDGLQJHFRQRPLFVFRPFRPPRGLW\ EUHQWFUXGHRLO *UDSK KWWSVGI\JYIKGFORXGIURQWQHWFKDUWVKLVWRULFDOSQJ"V &2 Y G G

Change in exchange rate ,QWKH\HDUV±WKHUHZDVVWURQJGHSUHFLDWLRQRIWKHURXEOH DGURSLQYDOXH RIWKHURXEOH )URPWKHEHJLQQLQJRIXQWLOWKHEHJLQQLQJRIWKHSULFHRIWKH 86GROODUURVHIURPWRURXEOHVDQGLQFHUWDLQSHULRGVRIHYHQWRURXEOHV IRU86' Bugatova & Abelguzin ,QWKHSULFHRIWKH86GROODUZHQWGRZQ VOLJKWO\DQGLWÀXFWXDWHVDURXQGURXEOHVIRUWKH86GROODU

Graph 2. Exchange rate of the rouble in relation to the US dollar in the period 2008–2017 6RXUFH7UDGLQJ(FRQRPLFVFRP27&,QWHUEDQN5HWULHYHG'HFHPEHUIURPKWWSVSOWUDGLQJHFRQRPLFV FRPUXVVLDFXUUHQF\*UDSKKWWSVGI\JYIKGFORXGIURQWQHWFKDUWVKLVWRULFDOSQJ"V 86'58% Y G G W\SH OLQH

33 Central European Review of Economics & Finance 9RO1R

7KHURXEOHGHSUHFLDWLRQOHGWRPDQ\QHJDWLYHFRQVHTXHQFHVIRUWKHHFRQRP\± DGURSLQ*'3OHYHODQGLWVJURZWKUDWHDGHFUHDVHLQWUDGHZLWKIRUHLJQVWDWHV H[SRUW DQGLPSRUW DULVHLQSULFHVRILPSRUWHGJRRGVZRUVHFRQGLWLRQVIRUWKH5XVVLDQH[SRUW DQLQFUHDVHLQLQWHUHVWUDWHVDQGLQÀDWLRQDGURSLQIRUHLJQH[FKDQJHUHVHUYHVHWF ,WVKRXOGEHPHQWLRQHGKHUHWKDWWKHFRQGLWLRQRIWKH5XVVLDQHFRQRP\LVVWURQJO\ dependent on the levels of prices and sale of fuels, mostly crude oil, on international markets. A thesis can be put forward that in the recent years the Russian economy has H[KLELWHGVWURQJV\PSWRPVRIWKHÄ'XWFKGLVHDVH´±DVRFDOOHGÄUHVRXUFHFXUVH´±WKDW LVKHDY\GHSHQGHQFHRQH[WUDFWLRQDQGVDOHRIQDWXUDOUHVRXUFHV6FLHQWL¿FUHVHDUFK FRQ¿UPVDVWURQJDGYHUVHHIIHFWRIQDWXUDOUHVRXUFHVRIDQHFRQRP\RQWKHUDWHDQG GLUHFWLRQVRIHFRQRPLFJURZWKHVSHFLDOO\LQFRXQWULHVZLWKORZOHYHOVRIGHPRFUDF\DQG HFRQRPLFGHYHORSPHQW Oomes & Kalcheva, 2007). 7KHIDFWWKDW5XVVLDLVFXUUHQWO\DIIHFWHGE\WKHÄ'XWFKGLVHDVH´LVFRQ¿UPHGE\WKH ODWHVWPDFURHFRQRPLFGDWD7KHGURSLQRLOSULFHLQPLGODVWLQJXQWLOWRGD\KDV EHHQUHÀHFWHGLQDVLJQL¿FDQWGHFUHDVHLQ5XVVLD¶V*'3ORZHUVWDWHEXGJHWUHYHQXH DGHFOLQHLQIRUHLJQH[FKDQJHUHVHUYHVDULVHLQH[FKDQJHUDWHDQGPDQ\RWKHUQHJDWLYH effects on the economy and the society.

A drop in GDP level and a slowdown in economic growth rate 7KHJURZWKUDWHRI5XVVLD¶V*'3LQ±GURSSHGGUDVWLFDOO\±IURPDOPRVW LQWRLQLQDQGWRDGHFOLQHE\DOPRVWLQ2QO\ LQSRVLWLYH*'3JURZWKUDWHZDVREVHUYHG

Graph 3. Rate of change in Russia’s GDP in 2012–2017 (%) 6RXUFH 7UDGLQJ (FRQRPLFV 5HWULHYHG 'HFHPEHU IURP KWWSVSOWUDGLQJHFRQRPLFVFRPUXVVLDJGS JURZWKDQQXDO *UDSK KWWSVGI\JYIKGFORXGIURQWQHWFKDUWVUXVVLDJGSJURZWKDQQXDOSQJ"V UXGSU\R\ Y Y ODQJ DOO G G

34 +ĩXNRZVNDThe character and effects of sanctions imposed on Russia ...

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Graph 4. Russia’s GDP in 2007–2016 (bn USD) 6RXUFH7UDGLQJ(FRQRPLFVDQG:RUOG%DQN5HWULHYHG'HFHPEHUIURPKWWSVSOWUDGLQJHFRQRPLFVFRP UXVVLDJGS*UDSKKWWSVGI\JYIKGFORXGIURQWQHWFKDUWVUXVVLDJGSSQJ"V ZJGSUXVV Y Y ODQJ DOO

7KHGURSLQRLOSULFHDQGLQ*'3FDXVHGDGHFUHDVHLQ5XVVLD¶VIRUHLJQH[FKDQJH UHVHUYHVDQGLQWKHURXEOHH[FKDQJHUDWHLQUHODWLRQWRWKH86GROODUDVLWKDVDOUHDG\ been mentioned. %URDGHQLQJWKHDQDO\VLVRIWKHLPSDFWRIHFRQRPLFVDQFWLRQVRQ5XVVLD VVRFLR HFRQRPLFGHYHORSPHQWE\*'3SHUFDSLWDFRQ¿UPVDGHWHULRUDWLRQRIWKHHFRQRPLF VLWXDWLRQDIWHU

Graph 5. Russia’s GDP per capita (USD) 6RXUFH 7UDGLQJ (FRQRPLFV 5HWULHYHG 0DUFK IURP KWWSVSOWUDGLQJHFRQRPLFVFRPUXVVLDJGSSHU FDSLWD *UDSK KWWSVGI\JYIKGFORXGIURQWQHWFKDUWVUXVVLDJGSSHUFDSLWDSQJ"V UXVQ\JGSSFDSNG Y Y ODQJ DOO G G

35 Central European Review of Economics & Finance 9RO1R

+RZHYHUWKHVXEVHTXHQWGDWD±*'3LQFRQVWDQWSULFHV±PDNHLWSRVVLEOHWRVD\ WKDW5XVVLD VUHDO*'3VKRZVRQO\VWDJQDWLRQLQWKH\HDUV±DQGQRWDGH- crease in GDP.

Graph 6. Russia's GDP in constant prices (bn roubles) 6RXUFH7UDGLQJ(FRQRPLFV5HWULHYHG)HEUXDU\IURPKWWSVSOWUDGLQJHFRQRPLFVFRPUXVVLDJGSFRQ- VWDQWSULFHV *UDSK KWWSVGI\JYIKGFORXGIURQWQHWFKDUWVUXVVLDJGSFRQVWDQWSULFHVSQJ"V UXVVLDJGSFR QSUL Y Y ODQJ DOO G G W\SH FROXPQ

+RZHYHUWKHUHLVQRHYLGHQFHRIDZHDNHQLQJRI5XVVLD VHFRQRPLFJURZWKGXULQJ WKHSHULRGFRYHUHGE\VDQFWLRQVEDVHGRQWKHDQDO\VLVRIJURVVQDWLRQDOSURGXFWFDW- HJRU\ *13 $FFRUGLQJWRWKHGDWD5XVVLDKDVV\VWHPDWLFDOO\LQFUHDVHGLWVHFRQRPLF JURZWKVLQFHPHDVXUHGE\WKHJURVVQDWLRQDOSURGXFWFDWHJRU\

Graph 7. Gross national product of Russia (million roubles) 6RXUFH 7UDGLQJ (FRQRPLFV 5HWULHYHG )HEUXDU\ IURP KWWSVSOWUDGLQJHFRQRPLFVFRPUXVVLDJURVV QDWLRQDOSURGXFW *UDSK KWWSVGI\JYIKGFORXGIURQWQHWFKDUWVUXVVLDJURVVQDWLRQDOSURGXFWSQJ"V UXVVL DJURQDWSUR Y Y ODQJ DOO G G W\SH FROXPQ

36 +ĩXNRZVNDThe character and effects of sanctions imposed on Russia ...

:LWKKLJKSUREDELOLW\LWFDQEHFRQFOXGHGWKDWWKHHFRQRPLFVDQFWLRQVLPSRVHG DJDLQVW5XVVLDKDYHQRWOHGWRDSHUPDQHQWZHDNHQLQJRIWKHHFRQRPLFJURZWKPHDV- ured by GDP in constant prices and GNP. As soon as the sanctions were introduced, the JURZWKUDWHGHFOLQHG,QWKHORQJHUWHUPEDUULHUVWRGHYHORSPHQWFDXVHGE\VDQFWLRQV have been implanted by the economy.

A drop in foreign exchange reserves ,Q±WKHOHYHORIIRUHLJQH[FKDQJHUHVHUYHVZHQWGRZQFRQVLGHUDEO\:KLOH LQ5XVVLD¶VIRUHLJQH[FKDQJHUHVHUYHVDPRXQWHGWRDOPRVWEQ86' DQG ZHUHHYHQKLJKHUVHYHUDO\HDUVEHIRUH LQPLGWKH\GURSSHGWRFDEQ86' DQGDWWKHEHJLQQLQJRIWKH\URVHDOLWWOHWRFDEQ86'7KHOHYHORI5XVVLD¶V IRUHLJQH[FKDQJHUHVHUYHVZDVLQFUHDVLQJVOLJKWO\WRUHDFKDERXWEQ86'DWWKH HQGRI

Graph 8. Russia’s foreign exchange reserves in 2012–2017 (million USD) 6RXUFH7UDGLQJ(FRQRPLFV5HWULHYHG'HFHPEHUIURPKWWSVSOWUDGLQJHFRQRPLFVFRPUXVVLDIRUHLJQ H[FKDQJHUHVHUYHV *UDSK KWWSVGI\JYIKGFORXGIURQWQHWFKDUWVUXVVLDIRUHLJQH[FKDQJHUHVHUYHVSQJ" V UXVVLDIRUH[FUHV Y Y ODQJ DOO G G W\SH FROXPQ

International trade 7KHVDQFWLRQVZHUHUHÀHFWHGLQDGHFOLQHLQ5XVVLD¶VLQWHUQDWLRQDOWUDGHERWKLQ H[SRUWDQGLPSRUW,QFRPSDULVRQWR5XVVLD¶VLQWHUQDWLRQDOWUDGHGHFUHDVHGLQ WRWDOE\LQDQGDPRXQWHGWREQ86'7KHODUJHVWGURSRFFXUUHGLQWUDGH ZLWK*UHDW%ULWDLQ E\ IROORZHGE\)UDQFH 3RODQG DQG)LQODQG Bugatova & Abelguzin ,QWKHVXEVHTXHQW\HDUV5XVVLD¶VWUDGHZLWKIRUHLJQVWDWHVZDVVWLOOGHFOLQLQJ,Q LWDPRXQWHGWREQ86' RIZKLFKH[SRUWZDVEQ86'DQGLPSRUWEQ86' ,Q5XVVLD¶VLQWHUQDWLRQDOWUDGHIXUWKHUGHFUHDVHG±H[SRUWOHYHOZDVEQ86' DQGLPSRUWEQ86'

37 Central European Review of Economics & Finance 9RO1R

Table 2. Russian export and import in 2013–2016 Year Export Import Total trade 523.3 bn USD EQ86' 864.6 bn USD LQUHODWLRQWRWKHSUHYLRXV\HDU 497.7 bn USD 308.0 bn USD 805.7 bn USD LQUHODWLRQWRWKHSUHYLRXV\HDU EQ86' EQ86' 534.4 bn USD LQUHODWLRQWRWKHSUHYLRXV\HDU EQ86' EQ86' 473.3 bn USD LQUHODWLRQWRWKHSUHYLRXV\HDU 6RXUFHÄ%LXOHWWLHQ%DQNRZVNRM6WDWLVWLNL´ 1R SÄ%LXOHWWLHQ%DQNRZVNRM6WDWLVWLNL´ QR S

Thus, a breach in Russia’s international trade is clearly visible after the introduction of VDQFWLRQVLQ7UDGHWXUQRYHULQIHOOE\DOPRVWDKDOILQUHODWLRQWRZKLOH DGHFUHDVLQJEXWVWLOOSRVLWLYHWUDGHEDODQFHZDVPDLQWDLQHG $VDUHVXOWRIWKHURXEOHGHSUHFLDWLRQSULFHVRILPSRUWHGJRRGVURVHDQGLQFRQVH- TXHQFHLPSRUWWR5XVVLDZDVUHGXFHG,QWKH¿UVWKDOIRILPSRUWRIIXUQLWXUHFRW- WRQPHGLFLQHVVKRHVDQGSDVVHQJHUFDUVZHQWGRZQE\DOPRVWDKDOILQFRPSDULVRQ WRWKHDQDORJRXVSHULRGRI,PSRUWRIWUXFNVLQWKHVDPHSHULRGUHDFKHGRQO\ RIWKHLPSRUWOHYHOIURPWKH¿UVWKDOIRI Nuriejev, & Pietrakov

An increase in interest rates 2QHRIWKHFRQVHTXHQFHVRIWKHVDQFWLRQVLQWURGXFHGDJDLQVW5XVVLDZDVDQLQ- FUHDVHLQLQWHUHVWUDWHVRIWKHFHQWUDOEDQN$WWKHWXUQRILQWHUHVWUDWHZDV UDLVHGIURPWR,QWKH¿UVWKDOIRILQWHUHVWUDWHZDVUHGXFHGWRDQG WKHQEHFDPHVWDELOL]HGDWWKHVDPHOHYHOXQWLOPLG$IWHUWKDWWLPHLWVWDUWHGWRJR GRZQDQGUHDFKHGDOHYHORIFDDWWKHHQGRI

Graph 9. Interest rate of the central bank in Russia in 2012–2017 (%) 6RXUFH7UDGLQJ(FRQRPLFV5HWULHYHG'HFHPEHUIURPKWWSVSOWUDGLQJHFRQRPLFVFRPUXVVLDLQWHUHVW UDWH *UDSK KWWSVGI\JYIKGFORXGIURQWQHWFKDUWVUXVVLDLQWHUHVWUDWHSQJ"V UUHIUDWH Y Y ODQJ DOO G G

38 +ĩXNRZVNDThe character and effects of sanctions imposed on Russia ...

One of the reasons for the increase in interest rate was the introduction of sanc- WLRQVFRQVLVWLQJLQOLPLWHG¿QDQFLQJRIWKHOHDGLQJ5XVVLDQHQWHUSULVHVDQGEDQNVRQ WKHLQWHUQDWLRQDO¿QDQFLDOPDUNHW$FFHVVWRVRXUFHVRI¿QDQFLQJRQWKHLQWHUQDWLRQDO markets was also limited for Russian exporters and importers. This resulted in a lower supply of money in the Russian economy and enforced a rise in interest rates of the central bank. The increase in interest rates and the decrease in money supply in the 5XVVLDQHFRQRP\UHVXOWHGLQDVORZGRZQLQWKHHFRQRPLFJURZWKUDWHRI5XVVLDZLWK its numerous consequences.

&KDQJHLQLQÀDWLRQOHYHO $VDUHVXOWRIWKHHFRQRPLFVDQFWLRQVDULVHLQLQÀDWLRQOHYHOZDVREVHUYHGPHDV- XUHGE\WKHFRUHLQÀDWLRQLQGLFDWRUSULFHVRIFRQVXPHUJRRGVDQGDGPLQLVWHUHGSULFHV ,Q±WKH\HDUZKHQWKHVDQFWLRQVZHUHLQWURGXFHG±WKHLQÀDWLRQUDWHURVHIURP ±WRLQIURPWRRYHULQWKH¿UVWKDOIRIWKH\HDUEXWLQWKH VHFRQGKDOIRIWKH\HDUWKHUDWHRILQÀDWLRQJURZWKEHFDPHVORZHUDQG¿QDOO\WKHFRUH LQÀDWLRQUHDFKHGDWWKHHQGRI,QWKHLQÀDWLRQUDWHGHFUHDVHGWRFD DWWKHHQGRIWKH\HDU,QWKHLQÀDWLRQUDWHZDVVWLOOJRLQJGRZQDQGDWWKHHQGRI WKH\HDULWUHDFKHGQHJDWLYHYDOXHV GLVLQÀDWLRQ Godovoj Otcziot Banka Rossii

Graph 10. ,QÁDWLRQUDWH \HDUO\ LQ5XVVLDLQ² 6RXUFH7UDGLQJ(FRQRPLFV5HWULHYHG'HFHPEHUIURPKWWSVSOWUDGLQJHFRQRPLFVFRPUXVVLDLQÀDWLRQ UDWHPRP*UDSKKWWSVGI\JYIKGFORXGIURQWQHWFKDUWVUXVVLDLQÀDWLRQFSLSQJ"V UXFSL\R\ Y Y ODQJ DOO G G W\SH VSOLQH

7KHKLJKHVWLQFUHDVHLQSULFHVLQ±ZDVREVHUYHGLQWKHJURXSRIFRQVXPHU JRRGV±VRPHSULFHVZHQWXSHYHQE\

39 Central European Review of Economics & Finance 9RO1R

Graph 11. Increase in food prices in Russia (month to month) in 2012–2017 (%) 6RXUFH7UDGLQJ(FRQRPLFV5HWULHYHG-DQXDU\IURPKWWSVSOWUDGLQJHFRQRPLFVFRPUXVVLDIRRGLQÀD- WLRQ*UDSKKWWSVGI\JYIKGFORXGIURQWQHWFKDUWVUXVVLDIRRGLQÀDWLRQSQJ"V UXVVLDIRRLQI Y Y ODQJ DOO G G W\SH FROXPQ

6LQFHWKHEHJLQQLQJRIDGHFUHDVHLQLQÀDWLRQFRXOGEHREVHUYHGIURPWKHOHYHO RIFD7KXVLWFDQEHFODLPHGWKDWDVDUHVXOWRIWKHLQWURGXFWLRQRIVDQFWLRQVWKH 5XVVLDQHFRQRP\H[SHULHQFHGDNLQGRIDSULFHVKRFNDQGLQÀDWLRQJURZWKEXWLWVRRQ DEVRUEHGWKLVVKRFNDQGLQLQÀDWLRQEHFDPHVWDELOL]HGDWWKHOHYHORI±\HDUO\ 7KLVLVEHQH¿FLDOIRUWKH5XVVLDQHFRQRP\

An increase in interest rates on bank loans $QRWKHUFRQVHTXHQFHRIWKHHFRQRPLFVDQFWLRQVDJDLQVW5XVVLDLVDGHFOLQHLQJUDQW- LQJFUHGLWWRWKHHFRQRP\DQGSRSXODWLRQDQGDQLQFUHDVHLQLQWHUHVWUDWHRQORDQV 5HVWULFWLRQVRQJUDQWLQJFUHGLWWR5XVVLDQHQWHUSULVHVDQGEDQNVRQWKHLQWHUQDWLRQDO PDUNHW WKH(886$&DQDGDDQG6ZLW]HUODQG FDXVHGDGURSLQPRQH\VXSSO\RQWKH 5XVVLDQPRQH\PDUNHWDQGIRUFHGWKH5XVVLDQFHQWUDOEDQN %DQNRI5XVVLD WRUDLVH LQWHUHVWUDWHV%DQNRI5XVVLDUDLVHGWKHEDVLFLQWHUHVWUDWHIURPWRDOUHDG\ LQ7KLVLQWHQVL¿HGWHQVLRQVRQWKH5XVVLDQPRQH\PDUNHWDQGOHGWRDGHFOLQHLQ FUHGLWJUDQWLQJDQGWRDVORZGRZQLQ*'3JURZWKUDWH The increase in interest rates on bank loans has adversely affected the consumers LQWKUHHZD\V Nuriejev & Pietrakov a) PDQ\HQWHUSULVHVEHFDPHLQVROYHQWGXHWRKLJKHUFRVWVRIFUHGLWZKLFKUHVXOWHGLQ XQHPSOR\PHQWJURZWK b) FRQVXPHUORDQVDQGPRUWJDJHORDQVEHFDPHPRUHH[SHQVLYH c) ZHDNHQLQJRIWKHURXEOHOHGWRDULVHLQSULFHVRILPSRUWHGJRRGVDQGUHGXFWLRQLQ WKHLUFRQVXPSWLRQDOVRGXHWRORZHULPSRUWRIPDQ\IRUHLJQJRRGV

40 +ĩXNRZVNDThe character and effects of sanctions imposed on Russia ...

The increase in interest rates caused insolvency of many borrowers and delays in UHSD\PHQWRIORDQV2YHUGXHORDQVLQEDQNVURVHDOPRVWWZRIROGLQ± IURP EQURXEOHVDWWKHEHJLQQLQJRIWREQURXEOHVLQ'HFHPEHU 7KLVKDVDQHJDWLYHLPSDFWRQVWDELOL]DWLRQRIWKH5XVVLDQEDQNLQJV\VWHP Nuriejev & Pietrakov

Changes in level and quality of consumption 7KHLQWURGXFWLRQRIHFRQRPLFVDQFWLRQVDQGWKHLQFUHDVHLQH[FKDQJHUDWHFDXVHG LQDVLJQL¿FDQWGHFOLQHLQLPSRUWRIPHDWDQG¿VK E\RQDYHUDJH SRUNRQO\ E\DVPXFKDVFKHHVHE\ÀRXUFHUHDOVDQGFHUHDOSURGXFWVE\DVPXFK DV7KLVGRZQZDUGWUHQGLQLPSRUWEHFDPHHYHQVWURQJHULQ LQFRPSDULVRQ WR ,PSRUWRIGDLU\SURGXFWVSRXOWU\DQGPHDWGURSSHGWKHPRVWVLJQL¿FDQWO\$V DUHVXOWFRQVXPSWLRQRIKLJKO\SURFHVVHGIRRGIURPDEURDGKDVGHFUHDVHGZKHUHDV GHPDQGDQGFRQVXPSWLRQRIIRRGSURGXFHGLQ5XVVLDKDYHULVHQ 7HPURNRYD $FFRUGLQJWR5XVVLDQH[SHUWVFRQVXPSWLRQRIPRUHHFRORJLFDOSURGXFWVKDVJURZQ Nuriejev & Pietrakov

Conclusions 7RVXPXSWKH5XVVLDQHFRQRP\DIWHUH[SHULHQFHGDPDMRUVKRFNZKLFKDG- versely affected its development. This shock was caused by three factors: a) economic sanctions imposed on Russia, b) a drop in oil price, c) LQHI¿FLHQWHFRQRPLFSROLF\RIWKH5XVVLDQJRYHUQPHQWGXULQJWKDWSHULRG In summary, as a result of the economic sanctions applied by the Western states DJDLQVW5XVVLDDQGWKHFXPXODWHGLQÀXHQFHRIDGYHUVHH[WHUQDODQGLQWHUQDOFRQGLWLRQV RIHFRQRPLFJURZWKLQ±WKH5XVVLDQHFRQRP\H[SHULHQFHGPDQ\ORVVHV Bugatova & Abelguzin ,QHFRQRP\DVORZGRZQRIHFRQRPLFJURZWKUDWHDQG*'3GHFUHDVHLQDEVROXWH YDOXHVZHUHREVHUYHG5HGXFHGLQFRPHIURPRLODQGJDVVDOHFRPSOLFDWHGWKHVLWXDWLRQ RIWKHVWDWHEXGJHW,QÀDWLRQDQGSULFHV HVSHFLDOO\RIIRRG URVH$VDFRQVHTXHQFHRI SULFHLQFUHDVHJOREDOGHPDQGIHOOZKLFKOHGWRIRUPDWLRQRIPDUNHWEDODQFHRQDQHZ OHYHOZLWKORZHU*'3DQGKLJKHUSULFHV0RUHRYHULQWHUHVWUDWHVDQGLQWHUHVWRQORDQV went up, and the amount of overdue loans and insolvency of many borrowers increased. 5XVVLDQHQWLWLHVH[SHULHQFHGGLI¿FXOWLHVRUODFNRIDFFHVVWRIRUHLJQFUHGLW)XUWKHUPRUH WUDGHZLWKIRUHLJQFRXQWULHVGHFUHDVHGFRQVLGHUDEO\WKHOHYHORIIRUHLJQH[FKDQJHUH- VHUYHVZHQWGRZQDQGWKHQDWLRQDOFXUUHQF\EHFDPHVWURQJO\GHSUHFLDWHG7KHGH- crease in national currency value and uncertainty in economy led to increased withdraw- als of bank deposits and problems of banks with liquidity. Financial stability deteriorated

41 Central European Review of Economics & Finance 9RO1R

VHULRXVO\ZHFDQHYHQWDONDERXWDEDQNLQJFULVLVFDXVHGE\ZLWKGUDZDOVRIGHSRVLWV E\SHRSOHDVDUHVXOWRIWKHURXEOHGHYDOXDWLRQ)RUHLJQHQWLWLHVEHJDQWRZLWKGUDZIURP WKH5XVVLDQHFRQRP\DQGIRUHLJQDVVHWVZHUHWDNHQDZD\LWLVHVWLPDWHGWKDWIRUHLJQ FDSLWDORXWÀRZDPRXQWHGWRFDEQ86'GXULQJWKDWSHULRG2WKHUFRQVHTXHQFHVRI the economic sanctions are: a drop in prices on the real estate market, a decline in for- HLJQWRXULVPDQGDGHFUHDVHLQVSHQGLQJRI5XVVLDQFLWL]HQVLQVXFKFRXQWULHVDV86$ *UHDW%ULWDLQ,WDO\)LQODQGDQG)UDQFHEXWRQWKHRWKHUKDQGDJURZWKLQWRXULVWWULSVWR former CIS states and development of domestic tourism. As a result of lower optimism DPRQJLQYHVWRUVDFULVLVLQVPDOOEXVLQHVVKDVEHHQREVHUYHGDORZHUQXPEHURIQHZO\ RSHQHGFRPSDQLHVDQGDKLJKHUQXPEHURIFORVHGEXVLQHVVHV It should also be noted that in response to the sanctions imposed, Russia introduced DGPLQLVWUDWLYHUHVWULFWLRQVRQH[SRUWDQGLPSRUWDQGIUHHPRYHPHQWRIJRRGVFDSLWDO DQGSHRSOHZDVOLPLWHG7KHVDQFWLRQVLPSRVHGE\5XVVLDKDYHLQÀXHQFHGWKHHFRQR- mies of the Western states which have also experienced worse conditions of economic JURZWKDIWHU

References „Biulettien Bankowskoj Statistiki´ 1R „Biulettien Bankowskoj Statistiki´ 1R %DUNRZVNLM$1$áDEMDQ66 Posledstvija zapadnych sankcji i otvietnych sankcji RF, Ä5RVVLMVNLM:QLHV]QLHHNRQRPLF]HVNLM:LHVWQLN´1RSS± %XJDWRYD$, $EHOJX]LQ15 Vlijanije sankcji na ekonomiku Rossii, „Aktualnyje Prob- OHP\(NRQRPLNLL3UDZD´± Chronologia unijnych sankcji stosowanych w odpowiedzi na kryzys na Ukrainie 5H- WULHYHG-XO\IURPKWWSZZZFRQVLOLXPHXURSDHXSOSROLFLHVVDQFWLRQVXNUDLQHFULVLV 'REUHSUDNW\NLZ]DNUHVLHVNXWHF]QHJRZSURZDG]DQLDZĪ\FLHĞURGNyZRJUDQLF]DMąF\FK Godovoj Otcziot Banka Rossii za god 2016 0RVNZD Kiedy i jak UE przyjmuje sankcje 5HWULHYHG-XO\IURPKWWSZZZFRQVLOLXP europa.eu/pl/policies/sanctions/ukraine-crisis/. .XEOLN$ 6HSWHPEHU 86$UR]V]HU]DMąVDQNFMHQD5RVMĊ1DF]DUQHMOLĞFLHVSyáNL*D]- promu5HWULHYHG)HEUXDU\IURPKWWSZ\ERUF]DEL]EL]QHVXVD UR]V]HU]DMDVDQNFMHQDURVMHQDF]DUQHMOLVFLHVSRONLJD]SURPXKWPO"GLVDEOH5HGLUHFWV WUXH List of persons and entities under EU restrictive measures over the territorial integrity of Ukraine. 5HWULHYHG 'HFHPEHU IURP KWWSZZZFRQVLOLXPHXURSDHXPHGLD OLVWRIGHVLJQDWHGSHUVRQVDQGHQWLWLHVSGI àRJLQRYD,9 7LWDULHQNR%$ Ekonomiczeskije sankcji protiv Rossii. „Aktualnyje Vo- SURV\(NRQRPLF]HVNLFK1DXN´1R± 1RZLFNL0 6DQNFMHQLV]F]ą5RVMĊ8(WUDFLPOGHXUR5HWULHYHG-DQXDU\ IURPKWWSQLH]DOH]QDSOVDQNFMHQLV]F]DURVMHXHWUDFLPOGHXUR

42 +ĩXNRZVNDThe character and effects of sanctions imposed on Russia ...

1XULHMHY50 3LHWUDNRY3. Riadovoj potriebitiel: vriemija ekonomiczeskich sankcji protiv RossiiÄ-RXUQDORI(FRQRPLF5HJXODWLRQ9RSURV\UHJXOLURYDQLMDHNRQRPLNL´YROXPH ± 1XULHMHY50 3LHWUDNRY3. (NRQRPLF]HVNLMHVDQNFMLSURWLY5RVVLLRĪLGDQLMDLUHDO- nostÄ0LU1RYRM(NRQRPLNL´1R 2RPHV1 .DOFKHYD. $SULO Diagnosing Dutch Disease: Does Russia Have The SymptomsÄ,0):RUNLQJ3DSHU´:3± Portal Trading Economics 5HWULHYHG 'HFHPEHU ± IURP KWWSVSOWUDGLQJH conomics.com/. Rodzaje sankcji 5HWULHYHG'HFHPEHUIURPKWWSZZZFRQVLOLXPHXURSDHXSO policies/sanctions/different-types/. 5RVMDSRWĊSLáDVDQNFMH.DQDG\QDMHMRE\ZDWHOL 5HWULHYHG1RYHPEHUIURP http://wiadomosci.onet.pl/swiat/rosja-potepila-sankcje-kanady-na-30-jej-obywateli/fvkp03b. Sankcii Kanady w otnoszenii k Rossii, Informacionnoje Agientsvo TASS 5HWULHYHG1R- YHPEHUIURPKWWSWDVVUXLQIR 7HPURNRYD$+ ,PSRUWR]DPLHV]F]HQLMHYVRYULHPLHQQ\FKXVáRYLMDFKSULHRGROHQLMDHNR- nomiczeskich sankcji1DXF]Q\MH,]ZHVWLDQR± Unijne sankcje w odpowiedzi na kryzys na Ukrainie 5HWULHYHG'HFHPEHUIURP http://www.consilium.europa.eu/pl/policies/sanctions/ukraine-crisis/. Wsie sankcji zapada protiw Rosii 5HWULHYHG 2FWREHU IURP KWWSWDVVUX PH]GXQDURGQDMDSDQRUDPD Wsie sankcji zapada protiw Rosii 5HWULHYHG 2FWREHU IURP KWWSWDVVUX PH]GXQDURGQDMDSDQRUDPD Wsie sankcji zapada protiw Rosii 5HWULHYHG 2FWREHU IURP KWWSWDVVUX PH]GXQDURGQDMDSDQRUDPD Wsie sankcji zapada protiw Rosii 5HWULHYHG 2FWREHU IURP KWWSWDVVUX PH]GXQDURGQDMDSDQRUDPD Wsie sankcji zapada protiw Rosii 5HWULHYHG 2FWREHU IURP KWWSWDVVUX PH]GXQDURGQDMDSDQRUDPD :\W\F]QH8(ZVSUDZLHVWRVRZDQLDLRFHQLDQLDĞURGNyZRJUDQLF]DMąF\FK