Russian sanctions

In this thesis it will be briefly looked at reasons of imposing sanctions on the first place and looking at current sanctions imposed by EU, USA and other countries as well as Russian countersanction imposed as a response towards Western countries. Main assumption is that countersanctions had a higher impact on Russian economy compared to sanctions that were enforced on Russian Federation on the first place. Most of information shows that first and second round of sanctions from Western countries had very specific impact whereas Russia’s own counter-sanctions had a clear negative effect on the welfare of the average Russian household, all that in mind it could have had a different effect on Russian economy however Russian Federation also faced the decrease in crude oil price. One of the main reasons of picking this topic is because Russia is still facing consequences of its decisions and I had to find out what is the exact effect of Crimean Crisis. And in order to understand what happened to Russian Economy I had to analyze different resources in order to compare them and compile the data. In this paper we will closely look at EU sanctions on Russia and Russian countersanctions. The reason why we are looking closer at EU sanctions is because most sanctions towards Russia were implemented by EU members and other countries either matched them or didn’t implement. Therefore USA, Canadian, Australian sanctions will still be mentioned in the future text, however it will be mainly focused on EU sanctions towards Russia and other way round, when we talk about Russian countersanctions we will look on it’s impact on EU as EU had faced the most consequences from it.