This note reviews the recent literature on the economic effects of sanctions on Russia. The emerging consensus seems to be that sanctions have had a detrimental effect on Russia’s economic performance during the past years. However, their relative significance pales in comparison with the effects of oil prices on the Russian economy. Sanctions seem to have worked mostly through reducing Russian companies’ access to foreign finance (Korhonen 2019). Also, apparently the relatively recent unilateral sanctions – i.e., sanctions not coordinated with the European Union – by the United States have increased uncertainty related to many Russian companies. This can have adverse economic effects going forward.