During the twentieth century, economic sanctions became more prevalent. In the twenty-first century they have become a frequently used tool for governments seeking to change the behaviour of other countries. An extensive research literature exists on the effectiveness of sanctions. Overall the...

This note isolates an overlooked economic force for the Ruble to appreciate in response to international sanctions limiting exports to Russia. The economic intuition is that when Russians are unable to buy the mix of foreign goods they wish, then foreign goods becomes less attractive, increasing...

Since the annexation of Crimea in 2014, Russia has been under an EU sanctions regime. While these sanctions have not prevented Putin from ordering an invasion of Ukraine in February 2022, in the overall picture, they have significantly weakened Russia's ability to wage war. This paper...