Economic sanction is a coercive policy tool, which is usually imposed to change the behavior of targets. Used as a separate policy instrument, economic sanction can hardly achieve policy goals. Many seemingly irrelevant external factors often play a key role in the working mechanism of economic sanction: to facilitate or restrict putting pressure on the targets and to strengthen or weaken the targets’capacities to alleviate the pressure. Since February of 2022, Russia has faced the largest economic sanctions in history but has not changed its policy and military operation toward Ukraine. Given the context, the paper firstly reviews opinions about economic sanction and then briefly summarizes the major measures of the economic sanctions against Russia. Furthermore, the paper focuses on analyzing the impact of economic sanctions on Russia, the costs to the US and the EU as well as implications for China and other developing countries. Based on the analysis, the research summarizes several potential working mechanisms of the economic sanctions, potential external factors and uncertainties.