Economic sanctions can be attractive policy tools for a number of governments that want to influence a country's behavior. From an economic point of view, sanctions, based on their nature, can lead to changes that turn against the initiating party. There is no convincing evidence in the literature that economic sanctions are an effective foreign policy instrument. However, the number of sanctions episodes is growing, and in recent years, this tool is still popular.
This study analyzes the mechanism of the work of sanctions, and the problems that countries face when applying sanctions as a foreign policy tool. The focus is on the example of the imposition of sanctions by the West against the Russian Federation. The conclusion of the study is well-reasoned evidence of the fact that economic sanctions are also a source of economic costs for the countries initiating them, as well as countries supporting their introduction. A country faced with sanctions may develop trade relations with third parties that are not members of the sanctions coalition. The study notes that sanctions are mainly taken in addition to diplomatic and other forms of pressure. The sanction mechanism and technologies for their introduction are in constant development. Increasingly, the so-called “smart” sanctions are used, which are aimed at financial transactions, business activity, as well as private individuals, to limit their freedom of movement. The study notes that when taking various sanctions measures, it is difficult to make an accurate assessment of the degree of achievement of the final results. It was revealed that a higher effectiveness of influence is achieved with the integrated use of measures of a political and economic nature. At the same time, despite the identified shortcomings in the use of economic sanctions and the lack of evidence of their effectiveness, it can be argued that they are a preferable option in comparison with military intervention. At the same time, sanctions are not always a guarantee of preventing a military clash