I Korhonen1; Heli Simola 1; 1 Bank of Finland, Finland
Discussion
Recent studies have examined the economic effects of sanctions on Russia, focusing on import prices. This research compares export prices to Russia with those to other countries, showing that sanctions have significantly increased Russia's import prices. The study investigates if export restrictions by sanctioning countries have led third countries to charge higher prices for goods exported to Russia. Sanctions complicating international payments also contribute to higher prices. Using mirror data due to Russia's lack of detailed trade information, the study finds that sanctioned goods' prices have risen more than non-sanctioned goods, indicating sanctions' effectiveness in limiting Russia's access to necessary goods.
