Economic Sanctions And International Relation

The paper demonstrates the effect of economic sanctions on the foreign policy of the state,regardless of whether they managed to convince or force the embargoed country to change their geopolitical actions.We believe that there is a case in which it is argued that economic sanctions can work provided that they are applied appropriately against well-defined goals with a clear plan.And we’ll also try to prove that sanctions cannot always be harmful to the country that receives the sanction,and they can also harm recipient countries.My thesis will pursue the practical goal of providing direct and verified data based on empirical analysis in order to strengthen the theoretical basis of the economic sanctions instrument.In addition to studies from past case studies,empirical research will focus on the Russian case.We use the reports of analytical centers,official documents,and journalistic investigations,in which the arguments in favor of sanctions against Russia are well documented.In order to understand the development of the tool of economic sanctions,this paper will also outline their main characteristics.Undoubtedly,after the imposition of sanctions,Russia’s economic performance declined rapidly: the Russian ruble has lost 50% of its value against the US dollar since the Russian-Ukrainian conflict;This led to higher prices for food and goods,while the country’s GDP fell by almost 4%,and inflation reached 13%.Sanctions reduced the level of foreign direct investment,limited the ability of Russian banks to access long-term financial options provided by Western financial institutions,and both disposable incomes of citizens and federal budget revenues were significantly reduced.However,it is difficult to say whether these facts influenced the country’s foreign policy agenda,mainly because it is not known how much the sanctions themselves are responsible for the economic downturn,given that they coincided with the general decline in oil prices that the Russian economy is affecting,because Russia highly dependent on oil prices.Thus,at present,we cannot say for sure whether the sanctions against the Russian Federation were successful or unsuccessful,since the data are quite contradictory,but we can accurately say that the Russian embargo had a rather big impact on the economy of the EU countries and their trade relations,and also changed the structure of Russian imports.Sanctions,in many respects,increased the independence of the Russian economy from Western countries,activated mechanisms for the progress of import substitution processes in the Russian Federation.A more in-depth analysis and justification of the causes and effects of economic sanctions will be discussed in my dissertation.