Abstract

Sanctions in place against Russia, imposed in light of its 2014 annexation of Crimea and involvement in the conflict in south-east Ukraine, present a monumental challenge to policy-makers. Never before has such a powerful and strategically-important target been sanctioned to this degree. Its high level of integration in the global economy facilitates sanctions circumvention, while heightening political stakes. Russia’s retaliatory counter-sanctions have proven divisive in Europe and led to calls by some member states and business lobbies for their lifting, irrespective of a political settlement.

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