The Impact of Foreign Sanctions on Firm Performance in Russia

Luu Duc Toan Huynh, Khanh Hoang and Steven Ongena

No 23-115, Swiss Finance Institute Research Paper Series from Swiss Finance Institute

Abstract: We assess the economic effects of two decades of recent sanctions on Russian firms. We find that foreign sanctions leave energy firms in Russia unaffected but do undermine firm performance in the other (non‐energy) sectors. While firms with connections to Russian oligarchs linked to Putin are unaffected, sanctions do not differentiate in their impact between firms with Russian and foreign origins. Interestingly, Russian firms seem to be prepared for the Crimea event and the Ukraine war. Ultimately, we find that increasing export to China at country‐level helps alleviate the negative impact of sanctions on firm performance in Russia.

Keywords: firm performance; sanctions; Russia; political connection (search for similar items in EconPapers)
JEL-codes: G20 O16 (search for similar items in EconPapers)
Pages: 66 pages
Date: 2023-11
New Economics Papers: this item is included in nep-bec, nep-cis, nep-int and nep-sbm
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Citations: View citations in EconPapers (2)

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Related works:
Working Paper: The Impact of Foreign Sanctions on Firm Performance in Russia (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:chf:rpseri:rp23115

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