Abstract
Since the second half of the 2000s, political relations between Russia and its Western partners have gradually deteriorated. Both caused by the Russian authorities’ military and foreign policy decisions, two turning points dramatically accelerated this deterioration. First, in March 2014, Russia annexed Crimea, a part of the Ukrainian territory. Shortly after it began to support the separatist movement in Donbas actively. Second, on 24 February 2022, Russia started a military invasion of Ukrainian territory. In both cases, the United States, European Union, and other advanced economies responded with economic sanctions, which, together with Russia’s domestic and international countermeasures, started decoupling the Russian economy from global markets.
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Notes
- 1.
In this chapter, we use the adjective ‘Western’ in a broad geopolitical (membership in US- and EU-initiated alliances) rather than precise geographical sense (for example, Japan, Australia, and South Korea are not located west of Russia).
- 2.
The content of Sects. 15.2 and 15.4 partly draws from Dabrowski (2019).
- 3.
See https://www.state.gov/ukraine-and-russia-sanctions/ for the list and content of US sanctions and https://www.consilium.europa.eu/en/policies/sanctions/restrictive-measures-against-russia-over-ukraine/history-restrictive-measures-against-russia-over-ukraine/ for the list and content of EU sanctions.
- 4.
See https://www.bbc.com/news/world-europe-60125659, https://www.consilium.europa.eu/en/policies/sanctions/restrictive-measures-against-russia-over-ukraine/sanctions-against-russia-explained/, https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information/ukraine-russia-related-sanctions.
- 5.
- 6.
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Dabrowski, M., Avdasheva, S. (2023). Sanctions and Forces Driving to Autarky. In: Dabrowski, M. (eds) The Contemporary Russian Economy. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-17382-0_14
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