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Marketplace

Economic sanctions in Russia: Have they worked?

Molly Wood Jul 16, 2015
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The U.S. reached a deal with Iran on lifting international economic sanctions, and in return, Iran would limit its nuclear activity.

Russia has been experiencing economic sanctions for nearly a year. Have they worked, so far?

“Sanctions have a very important political row,” says Olga Smirnova of the BBC. “And from that point of view, they have worked, they have shown that Europe is united. It’s a different question if we are talking about economics.”

Smirnova stresses that falling oil prices and deflation of the ruble have strained Russia economically.  

“Russia is a developing economy, and it needs access, and it doesn’t have its own capital. It needs access to foreign capital, and that access has been denied,” Smirnova says.

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