Sanctions on Russia are isomorphic to a strict policy of trade protection, industrial policy, and capital controls.
Most assessments of the effectiveness of sanctions on Russia, with some exceptions, hold them to have been highly effective. My new INET Working Paper analyzes a few prominent Western assessments, both official and private, of the effect of sanctions on the Russian economy and war effort. It seeks to understand the goals of sanctions and bases of fact and causal inference that underpin the consensus view. Such understanding may then help to clarify the relationship between claims made by Western economist-observers and those emerging from Russian sources – notably from economists associated with the Russian Academy of Sciences (RAS). As we shall see, Russian views parallel those in the West on many matters of fact yet reach sharply different conclusions.