Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/272174 
Year of Publication: 
2023
Citation: 
[Journal:] EconPol Forum [ISSN:] 2752-1184 [Volume:] 24 [Issue:] 3 [Year:] 2023 [Pages:] 19-22
Publisher: 
CESifo GmbH, Munich
Abstract: 
Financial sanctions are effective. They have a strong and immediate negative effect on direct financial flows with the sanctioned country. Financial sanctions imposed by a subset of countries, such as the European Union alone, face a higher risk of sanctions evasion, as opposed to sanctions imposed by the United Nations. Financial sanctions tend to be smart, with their effects mostly concentrated on the targeted activity. There is limited evidence that financial sanctions create collateral damage by reducing trade in goods and services. Domestic firms doing business with sanctioned countries tend to be large enough to divert their activities to alternative business opportunities with non-sanctioned countries when sanctions are imposed.
Document Type: 
Article

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