Lessons in Sanctions-Proofing from Russia

Abstract

Government actors and other observers across Europe and the United States called the multilateral sanctions imposed on Russia in early 2022 “unprecedented.”Footnote1 Even Russian President Vladimir Putin acknowledged their severity when he stressed “the need to counter economic restrictions that were imposed on us, which are truly unprecedented without any exaggeration.”Footnote2 Part of the response to the Russian invasion of Ukraine, these financial and trade sanctions—imposed on Russia by Western governments—target key firms in the financial and energy sectors, debt financing, technology, Russia’s foreign currency reserves, and more recently, most Russian oil and transportation insurers.