[Blog] Economic sanctions: no end to war in Ukraine

An appraisal of the effect of sanctions against Russia one year after the escalation of the war in Ukraine. Clearly sanctions have not brought an end to the war. Sanctions are only effective if watertight and there are coercive measures in place. Russia has shown some resilience by artificially shoring up the Rouble, selling energy at discounted prices to China, India and Turkey. Longer term, and as the war is prolonged, sanctions may have an impact when Russia has to import more consumer and foodstuffs and replace military equipment.