Open AccessThe impact of the Sanctions and Counter Sanctions on the Russian and EU Member States Economies
Author(s) -
Livia Cebotari
Publication year - 2021
Publication title -
the romanian economic journal
Language(s) - English
Resource type - Journals
eISSN - 2286-2056
pISSN - 1454-4296
DOI - 10.24818/rej/2021/82/05
Subject(s) - sanctions , european union , political science , international trade , russian federation , politics , member states , order (exchange) , economy , economic sanctions , economic policy , economics , law , finance
This paper analyzes the consequences of the diplomatic conflict that began in 2014 between the EuropeanUnion and the Russian Federation caused by the political and military crisis in Ukraine. In March2014, the leaders of the European Union condemned the actions of Russia in Ukraine and imposed thefirst restrictive measures against Russian Federation. In turn, Russia took retaliatory measuresmaterialised in an import ban on certain agricultural food products from the EU. The aim of this researchis to identify and evaluate the impact of the sanctions and countersanctions on the economy of the RussianFederation and on bilateral trade between Russia and EU member states. This article will focus on thefollowing main objectives: analyzing the evolution of trade relations between the two major powers in theperiod 2014-2019, determining the factors that may explain the decline in bilateral trade during theperiod mentioned above and the factors that may explain why some EU Member States have sufferedhigher losses than others. In order to achieve the proposed objectives, both qualitative and quantitativeanalyses were used. Official documents, academic articles and studies conducted by various prestigiousthink-tanks were analysed. Also, th