United States sanctions, imposed on Russia since 2014 in response to Moscow’s role in the conflict in south-east Ukraine, have now entered their third year. They appear to have been effective on several fronts, despite the ongoing nature of the crisis. Along with measures imposed by the European Union and other international partners, they have been instrumental in signalling the consequences of violating international norms on territorial integrity, and raising the costs of Russian actions in the conflict. Nevertheless, sanctioning a target the size and might of Russia remains a challenge and, unsurprisingly, debate over the sanctions’ future sometimes represents a source of tension. Most recently, the future of the US’ sanctions on Russia have been mired in uncertainty under the new presidency of Donald Trump, where economic impacts on US businesses have been cited as a key concern. This report seeks to contribute to the wider debate on the future trajectory of the US’ sanctions on Russia, by exploring: (i) mechanics and legal underpinnings; (ii) effectiveness and impact; (iii) economic costs to the US at the national, sectoral, state and firm levels, as well as in relation to US investments, and (iv) strategic implications of lifting US sanctions without meeting the terms of the Minsk Agreements. In making use of analysis of trade statistics, interviews with officials involved in sanctions implementation, and consultation of the specialist literature, this report highlights four key findings: