LEADING CHANGE IN SANCTIONS POLICY AGAINST RUSSIA: UKRAINE’S EXPERIENCE

Abstract

Purpose. The article is devoted to the study of the problems of sanctions policy formation and assessment of the effectiveness of existing sanctions against russia. Design/methodology/approach. Semantic analysis, comparative analysis and the method of systematisation were used to assess the effectiveness of sanctions; the method of grouping, structural and logical modelling was used to develop an evolutionary justification for changing Ukraine’s sanctions policy. The abstract and logical method was used to formulate conclusions and theoretically generalise the results of the study. Findings. Sanctions are an effective tool for influencing the behaviour of other states, but their effectiveness depends on many factors, including the type of regime and the characteristics of the country’s economic system against which they are applied. Democratic regimes are more likely to use sanctions. It is determined that the effectiveness of sanctions can depend on many factors, such as the duration of sanctions, the level of support for sanctions by the international community and the economic strength of the state against which they are applied. The sanctions regime against russia is an exception in history, as their number and scope are large, and the sanctions against russia are the most severe and far-reaching measures ever taken. An unprecedented level of cooperation in the area of sanctions has been achieved: Sanctions against russia were imposed by a group of mostly Western allies. It is the first time that such a large and diverse group of countries has agreed to cooperate on sanctions against one country. The EU’s current sanctions response against Russia significantly increases the flexibility and efficiency of preparing, implementing and coordinating sanctions with non-EU countries as well as with non-EU countries. The author argues that instead of establishing a procedure in which different decision-making paths are chosen depending on the importance of the target, the current experience of sanctions against Russia can set a new standard that will allow future sanctions efforts to benefit from the speed, commitment and unprecedented level of coordination dedicated to the fight against the invasion of Ukraine. The analysis of the effect of sanctions against Russia in 2022 has led to the conclusion that the expectations of the international community and the hopes of the Ukrainian people regarding the powerful impact and consequences of sanctions were overstated and unjustified. Practical implications. The conclusions and justifications made can be used to develop recommendations for strengthening sanctions pressure against Russia and for developing the theoretical framework for the formation of sanctions policy against aggressor countries. Originality/value. Based on the study of the peculiarities of sanctions policy formation, the author identifies the evolution of approaches to the current system of sanctions against Russia, substantiates the change of goals and integration of world institutions in strengthening economic deterrence against the aggressor country. A comparative analysis of the main economic indicators of the development of the world’s largest countries is carried out, the ineffectiveness of the system of sanctions against Russia is proved, and the main factors that caused the ineffectiveness of sanctions are highlighted.