INTERNATIONAL ECONOMIC SANCTIONS: STRUCTURE AND IMPLEMENTATION SCENARIOS

Abstract

Introduction. A distinctive feature of international economic sanctions is their focus on solving political rather than economic issues. The question of the legitimacy of sanctions application is debatable, since it is about interference in the activities of sovereign states. Besides direct economic damage, sanctions can have an impact through the threat of their application, acting as an tool of symbolic power.

Materials and methods. The aim of the article is to specify the structural elements of international ecоnomic sanctions and to consider options of sanctions episodes development. The main research methods used are structural analysis and case study.

Theoretical review. Domestic and foreign scholars’ approaches to understanding the essence of economic sanctions are considered, their key features are identified and summarized, and the author's definition of international economic sanctions is proposed.

Results. The author identifies the following structural elements of sanctions episodes: initiators, target, goals and objects of sanctions; and provides the characteristics of each element, among which special attention is focused on the dynamic characteristics which determine the development of sanctions episodes. Based on a combination of various characteristics of the sanctions elements, basic scenarios for the applica- tion of sanctions measures, and also their options, are modeled, which provides for the novelty of the au- thor's approach. The role of the initiator and the target of sanctions restrictions in the world economy, the dependence degree of the episode participants on the global economy, as well as the nature and significance of the pursued goals have a significant impact on the nature and dynamics of sanctions episodes.

Discussion. The proposed author's approach to modeling sanctions episodes was tested in relation to the sanctions measures implemented against the Russian Federation. The following specific features of the cur- rent sanctions against Russia have been revealed: a wide range of measures, affecting various areas of for- eign economic activity, including foreign trade; credit and financial operations and investment activities; unprecedented amount of sanctions restrictions; a high degree of influence of the sanctions regime on the de- velopment of the world economy in general, especially on the energy market; considerable number of coun- tries, joining the initiators of sanctions