Ukraine in Flames. How effective are imposed economic sanctions against Russia?

The unprecedented economic sanctions and successful military operations are the most effective instruments we have against Russian aggression today. Economic sanctions are the predominant instrument of the Western pressure on Russia. They grew stronger since Putin launched a full-scale war against Ukraine two months ago. The main reserves of the Russian Central Bank are frozen. Most Russian banks are now disconnected from Swift. Western capital cannot be invested in Russia, and import of high-tech components has virtually been stopped. More than 400 Western companies have left Russia. Russian coal is under embargo and pressure is mounting to extend the ban on oil and gas.

At the same time, Western observers state that these various steps may not weaken the Kremlin enough in the short run. Russia will face default on May 4, 2022, but the reaction of the global economic system is still hard to predict. The Head of the Central Bank of Russia Elvira Nabiullina mentioned that the Russian economy would enter ‘structural transformation’ by the beginning of June-July 2022, which gives the aggressor enough time and economic power to continue the war today.

Are the existing restrictions really intolerable for the Russian economy? Will Western sanctions be able to stop Russia’s war against Ukraine? Ukraine in Flames #44 answers these questions.


  • Dmytro Boiarchuk, Executive Director of CASE Ukraine
  • Oleksandr Shepotylo, Dr, PhD in Economics, Aston Business School Senior Lecturer
  • Hlib Vyshlinsky, Executive Director of Centre for Economic Strategy.

UKRAINE IN FLAMES project is created by Ukraine Crisis Media CenterUkrainian Catholic University’s analitical center and NGO “Euroatlantic Course”.  We are aiming at searching a loud support for Ukraine in the war started by Russia on the 24th of February 2022.

If you want to support Ukraine against Russian aggression, check the link with recommendations by Ukraine Crisis Media Center –

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