ABSTRACT
This study examines the effectiveness of economic sanctions imposed on Russia by the United States and its Western allies following the annexation of Crimea in 2014 and the invasion of Ukraine in 2022. Although designed to exert significant economic and political pressure, the impact of these sanctions has been undermined by several factors. Using a case study methodology, this research constructs an analytical framework to explore the relatively limited effectiveness of the sanctions. First, it highlights Russia’s strategic use of internal and external policy tools as a critical factor in mitigating their impact. Second, global political dynamics—such as China’s emergence as a counterbalance to the United States and India’s growing regional influence—act as “pull factors” that weaken the sanctions’ effectiveness. Third, facilitators within the global financial system, including rising oil prices, the declining dominance of the U.S. dollar, and gray areas in global financial governance, have further reduced their impact. While the sanctions have imposed significant economic costs on Russia, these factors collectively explain their failure to achieve their intended objectives. The findings underscore the importance of accounting for complex global dynamics when assessing the effectiveness of economic sanctions.