The Scale and Impact of Sanctions on Russia

Since the full-scale invasion of Ukraine, Russia has faced nearly 20,000 sanctions, marking it as the most sanctioned nation globally. Initially, there was hope that these unprecedented measures would cripple the Russian economy and compel Putin to reconsider his actions. However, despite an initial economic downturn and depreciation of the ruble, Russia managed to recover mainly due to a spike in oil prices driven by the panic in oil markets following the invasion. The ultimate aim of the sanctions has shifted towards restricting Russia's ability to sustain its military efforts, but challenges remain due to loopholes that allow continued trade in essential resources.