EU Sanctions Against Russia - The Impact on the Russian and EU Markets
DOI:
https://doi.org/10.54869/syeul.2023.3.796Keywords:
Russian Invasion of Ukraine, EU Sanctions against Russia, Economic Impact, Oil and Gas MarketAbstract
The nature of sanctions imposed on Russia, especially by the European Union, goes beyond mere punitive measures and takes on a multifaceted character with global repercussions. These sanctions are designed not only to exert economic pressure on Russia but also to serve as a diplomatic tool to influence behavior and promote adherence to international norms. The global impact of these sanctions extends beyond the direct consequences felt within Russia and the EU, touching various aspects of the world economy and geopolitical landscape. This paper analyses the impact of sanctions against Russia adopted following Russia’s military aggression against Ukraine and its consequences in the EU and Russian economy. The author will primarily delve into shifts in import and export dynamics among these nations within the specified timeframe, with a particular emphasis on the oil and gas market. Within this framework, the focus will be directed towards discerning anticipated economic projections and their implications.
References
Asada, M. (2020). Economic sanctions in international law and practice. New York: Routledge. Available at: https://library.oapen.org/bitstream/id/1c3b9055-babe-48f3-9c8e-8cc6235d8cbb/9780429629655.pdf (accessed on 31.12.2023).
Borin, A. et al. (2023). The impact of EU sanctions on Russian imports. In: VoxEU, published on 29 May 2023, available at: https://cepr.org/voxeu/columns/impact-eu-sanctions-russian-imports (accessed on 31.12.2023).
Marrow, A. (2023). Russia may see wider 2023 budget deficit, lower growth for years to come -IMF. In: Reuters, published on 11 April 2023, available at: https://www.reuters.com/world/europe/russia-may-see-wider-2023-budget-deficit-lower-growth-years-come-imf-2023-04-11/ (accessed on 31.12.2023).
Menon, S. (2023). Ukraine crisis: Who is buying Russian oil and gas?. In: BBC News, published on 23 May 2023, available at: https://www.bbc.com/news/world-asia-india-60783874 (accessed on 31.12.2023).
Vakulenko, S. (2023). Can China Compensate Russia’s Losses on the European Gas Market? (Opinion). In: The Moscow Times, published on 15 June 2023, available at: https://www.themoscowtimes.com/2023/06/05/can-china-compensate-russias-losses-on-the-european-gas-market-a81374 (accessed on 31.12.2023).
Voynikov, V. V. (2022). EU Anti-Russian Sanctions (Restrictive Measures): Compliance with International Law. In Herald of the Russian Academy of Sciences, Vol. 92, Suppl. 7, pp. 636-S642. DOI: https://doi.org/10.1134/S1019331622130111
Aljazeera (2022). Ukraine-Russia crisis: What is the Minsk agreement?. Published on 9 February 2022, available at: https://www.aljazeera.com/news/2022/2/9/what-is-the-minsk-agreement-and-why-is-it-relevant-now (accessed on 31.12.2023).
CE Noticias Financieras English. War in Ukraine: what is the impact of sanctions against Russia after one year of invasion?, In: ProQuest One Business, last reviewed on 25 February 2023, available at: https://uaccess.univie.ac.at/login?url=https://www.proquest.com/wire-feeds/war-ukraine-what-is-impact-sanctions-against/docview/2779731239/se- 2?accountid=14682 (accessed on 31.12.2023).
Congressional Research Service (2022). Russia's War on Ukraine: The Economic Impact of Sanctions. Published on May 3, 2022 (IF 12092), available at: https://crsreports.congress.gov/product/pdf/IF/IF12092/1 (accessed on 31.12.2023).
Council Decision (EU) No 145/2014/CFSP of March 17, 2014, concerning restrictive measures with respect of actions undermining or threatening the territorial integrity, sovereignty, and independence of Ukraine, 17 March 2014, pp. 16‒21, ELI: http://data.europa.eu/eli/dec/2014/145(1)/oj
Council Decision (EU) No 386/2014/CFSP of 23 June 2014 concerning restrictions on goods originating in Crimea or Sevastopol, in response to the illegal annexation of Crimea and Sevastopol, 24 June 2014, pp. 70, 71, ELI: http://data.europa.eu/eli/dec/2014/386/oj
Council Decision (EU) No 512/2014/CFSP of 31 July 2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine, 31 July 2014, pp. 13–17, ELI: http://data.europa.eu/eli/dec/2014/512/oj
Council Regulation (EU) No 269/2014 of 17 March 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. ELI: http://data.europa.eu/eli/reg/2014/269/oj
Council Regulation (EU) No 833/2014 of 31 July 2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine, 31.7.2014, pp. 1–11, ELI: http://data.europa.eu/eli/reg/2014/833/oj
Council Regulation (EU) No 879/2022 of 3 June 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine, 03 June 2022, (17). ELI: http://data.europa.eu/eli/reg/2022/879/oj
Council Regulation (EU) No 1214/2023 of 23 June 2023 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine, 23.6.2023, pp. 1–329, ELI: http://data.europa.eu/eli/reg/2023/1214/oj
CREA (2023). EU oil ban and price cap are costing Russia EUR 160 mn/day, but further measures can multiply the impact. Available at: https://energyandcleanair.org/wp/wp-content/uploads/2023/01/CREA_EU-oil-ban-and-price-cap-are-costing-Russia-EUR160-mn-a-day-but-further-measures-can-multiply-the-impact.pdf (accessed on 31.12.2023).
Decree of the President of the Russian Federation No. 63-rp dated March 17, 2014 "On the signing of the Treaty between the Russian Federation and the Republic of Crimea on the admission of the Republic of Crimea to the Russian Federation and the formation of new subjects within the Russian Federation“ [Распоряжение Президента Российской Федерации от 17.03.2014 № 63-рп "О подписании Договора между Российской Федерацией и Республикой Крым о принятии в Российскую Федерацию Республики Крым и образовании в составе Российской Федерации новых субъектов"]. Available at: https://web.archive.org/web/20140318095051/http://pravo.gov.ru:8080/page.aspx?92062 (accessed on 31.12.2023).
European Commission (2022a). Press Statement by High Representative/Vice-President Josep Borrell on Russia's aggression against Ukraine. Published on 24 February 2022, available at: https://ec.europa.eu/commission/presscorner/detail/en/statement_22_1324 (accessed on 31.12.2023).
European Commission (2022b). In focus: Reducing the EU’s dependence on imported fossil fuels. Published on 20 April 2022, available at: https://commission.europa.eu/news/focus-reducing-eus-dependence-imported-fossil-fuels-2022-04-20_en (accessed on 31.12.2023).
European Commission (2023). Sanctions adopted following Russia’s military aggression against Ukraine. Published on 26 March 2023, available at: https://finance.ec.europa.eu/eu-and-world/sanctions-restrictive-measures/sanctions-adopted-following-russias-military-aggression-against-ukraine_en (accessed on 31.12.2023).
European Council (2023). EU sanctions against Russia explained. Available at: https://www.consilium.europa.eu/en/policies/sanctions/restrictive-measures-against-russia-over-ukraine/sanctions-against-russia-explained/#sanctions (accessed on 26. 06. 2023).
Eurostat (2023). EU imports of energy products continued to drop in Q2 2023. Published on 25 September, available at: https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20230925-1 (accessed on 31.12.2023).
Statista (2023). Russia: Real gross domestic product (GDP) growth rate from 2018 to 2028. Published on April 2023, available at: https://www.statista.com/statistics/263621/gross-domestic-product-gdp-growth-rate-in-russia/ (accessed on 31.12.2023).
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Slovak Yearbook of European Union Law
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
The Author(s) transfers copyright to the Article to the Publisher of the Journal by the Licence Agreement.
The Author(s) retains rights specified in the Licence Agreement.
The readers may read, download, copy, distribute, print, search, or link to the full texts of all of the Article of the Journal and use them for any other lawful purpose under specified Creative Commons Licence (CC BY-NC).
