Economic Sanctions and Their Impact on Russian Economic Relations with the European Union

Klinova, M.; Sidorova, Elena Yrevna

doi:10.1080/10611991.2016.1200391

Cited by 5 publications

(4 citation statements)

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“…), import substitution must be carried out on a non-alternative basis. Thus, the need for an import substitution policy (together with a counter-sanction policy) in modern Russia is a response to the so-called sectoral sanctions [12]. The fact is that the modern economic (sanctions) war involves, among other things, a serious undermining of the enemy's economy competitiveness [13].…”

Section: Methodology: Import Substitution As a Tool Of Economic Policymentioning

confidence: 99%

Proactive industrial policy as the main strategy for improving Russia’s competitiveness in the context of global economic processes

2020

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An effective industrial policy in the context of globalization is becoming increasingly possible thanks to the use of a proactive strategy based on the principles of the New knowledge economy. It is not so much import substitution and support for extensive production that comes to the fore, but rather the strengthening of quality potential, primarily in the field of IT, innovation and education as the main sphere of human capital creation. Purpose of this article is to identify the strengths and weaknesses of Russian industrial policy and to show that only a proactive industrial policy can achieve the best results in a modern innovative economy. The authors use research methods such as an analysis of the theoretical aspects of an effective industrial policy of the future using soft power tools based on the concept of economic security, as well as an analysis of Russian experience in this area. This analysis is based on data from statistical indicators of industrial policy and assessment of import substitution coefficients. Based on this, the authors conclude that the success of the import substitution policy directly depends on whether it is an immanent part of economic policy or is carried out solely for political reasons.

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Section: Methodology: Import Substitution As a Tool Of Economic Policymentioning

confidence: 99%

Proactive industrial policy as the main strategy for improving Russia’s competitiveness in the context of global economic processes

2020

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“…The effectiveness of economic sanctions as an international public policy tool is also a widely discussed issue. On the basis of an analysis of over one hundred cases it is clear that only in one third of cases the aim of sanctions Higher School of Economics was achieved [Hufbauer, Schott, Elliott, 1990;Klinova, Sidorova, 2016]. Pape also showed that by no means in all cases a significant contraction of the economy was registered in the country against which sanctions had been imposed [Pape, 1997[Pape, , 1998].…”

Section: Sanctions In International Practice and Their Effectivenessmentioning

confidence: 99%

“…Fomicheva [2016] points to the fact that after imposing sanctions against Russia, credit rating agencies downgraded the country's credit rating, thus further decreasing the attractiveness of Russian companies for foreign investors. Klinova and Sidorova [2016] make an assumption that sanctions will primarily influence the high-tech and financial sectors of the economy because for them cooperation between Russia and the EU is of most importance. Golikova and Kuznetsov [2017], on the basis of a survey of employees from Russian manufacturing companies, presume that the increased integration of Russian companies into the global economy will result in more severe consequences of sanctions.…”

Section: Research On Sanctions Against Russiamentioning

confidence: 99%

“…Among positive fallouts of sanctions the researchers point out the growth of "economic patriotism" in Russia. The influence of sanctions on agriculture is ambivalent: on the one hand, decrease of competition with foreign companies should incentivize an imports substitution process, on the other hand, restrictions of imports of means of production may impede Russian companies trying to develop their potential to the necessary extent and to expand the capacities they need [Klinova, Sidorova, 2016].…”

Section: Research On Sanctions Against Russiamentioning

confidence: 99%

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The Reaction of Russian Public Companies’ Stock Prices to Sanctions Against Russia

Naidenova¹,

Константиновна²

2018

КФ

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The imposition of sanctions by foreign countries against Russia since 2014 and their prolongation for the following several years resulted in significant changes in Russian economics. In the first instance, economic sanctions were aimed towards the weakening of companies by banning exports and imports of certain goods, closeout or suspension of joint venture projects, as well as limiting the provision of financing. However, one can postulate that these sanctions influenced the companies to different extents. This research offers an analysis of the changes in share prices of Russian public companies of the MICEX index in response to sanctions against Russia in 2014–2016. The research methodology is based on the event study approach, which allows estimation of a short-term response of the shares’ prices to information release. The results of this paper confirm that imposition and prolongation of sanctions resulted in a significant fall in share prices. With an average daily return on shares of the Russian stock market companies of 0.1%, a fall in return of 0.17% points per day as a result of the imposition of sanctions by the USA is economically significant. Apart from that, the sanctions influenced financially dependent companies to a greater extent. Contrary to theoretical assumptions of a greater influence of sanctions imposed by the countries with which a more close economic cooperation had been established, it transpired that the imposition of sanctions by the USA resulted in the greatest fall in prices for shares. Also, an important result indicated in this paper is the fact that imposition of targeted sanctions against certain companies has not entailed a greater impact of the sanctions on such companies. This is indicative of the ineffectiveness of targeted sanctions imposed on Russia. The influence of the government share in ownership of companies and the differences of response of the shares’ prices depending on the company industry sector have not been confirmed.

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Cultural sensemaking of corporate social responsibility: A dyadic view of Russian–Finnish business relationships

Ivanova-Gongne

Torkkeli

Hannibal

et al. 2022

Industrial Marketing Management

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Economic Sanctions and Their Impact on Russian Economic Relations with the European Union

Cited by 5 publications

References 1 publication

Proactive industrial policy as the main strategy for improving Russia’s competitiveness in the context of global economic processes

Proactive industrial policy as the main strategy for improving Russia’s competitiveness in the context of global economic processes

The Reaction of Russian Public Companies’ Stock Prices to Sanctions Against Russia

Cultural sensemaking of corporate social responsibility: A dyadic view of Russian–Finnish business relationships

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