The integration of Russia into global economy started in early 1990s., has just come to the end. Or rather – it started to reverse. With West imposing sanctions, Russia as a producer loses access to the world market (to buyers), as a consumer is losing access to consumer goods, technology, and capital (to sellers). Sanctions are not a new tool and many countries operated under various sanctions (Cuba, Iran, Libya or North Korea are examples of self-sufficient countries during the various time periods starting in 1950s), but this is a first case of a large country expelled from global system of trade and finance since 1990s. The economic sanctions (financial, trade, and investment) that were imposed against Russia in response to the armed aggression against Ukraine are unprecedented in terms of number of countries involved (around 40) and the impact they are expected to have on Russia. Sanctions will also affect the sanctioning states. The assessments results from the Kiel Institute Trade Policy Evaluation model simulate long-term effect for Russia’s economy of around a 10% loss in its output annually and for Western allies of less than 1% annually (Felbermayr et al., 2022). However, since the countries imposing sanctions represent more than 60 per cent of global economy, the impact of sanctions will have the global effect. The decades of peace in Europe, after the end of the II WW (the exceptions to this state of affairs have not elicited comparable reactions from the international community) have fostered globalization and increased economic interdependence among states. European states and their societies took advantage of the peace dividend (after the end of the “Cold War”) both by disregarding the reality in areas considered peripheral and by failing to perceive threats to their own security. They failed to see the threat of the “West” losing its sanctuary status in an unstable and unsafe multipolar world. By building economic ties with outlaw states (Russia is such a state), they financed the capacity building of their adversaries. The extent of these interdependencies was not fully recognized until the outbreak of the war in Ukraine (in February 2022, the response to the 2014 aggression was incomparably lower) and sanctions that were the result of it. The aim of the paper is to investigate the level of mutual global interdependencies in different areas (financial, trade, investment) by analyzing sanctions imposed on Russia in response to the extension aggression against Ukraine. The paper consists of three sections. First one provides an overview of the economic and social developments in Russia since the collapse of the Soviet Union. It aims at presenting the level of Russia’s integration with global economy and developments in this area within last thirty years. Second section presents the economic sanctions and export controls that were imposed on (or extended since 2014) Russia between February till July 2022. This is not a comprehensive and detailed list of all sanctions (as there are many sources that gather and publish such up-to date data), but rather a classification of economic sanctions which is needed for presenting the possible outcomes of these sanctions in Section 3.The results indicate relatively low integration of Russia with global economy. At the same time, in some sectors many countries are dependent on Russian supplies. However, the asymmetric economic relations between Russia and U.S., Europe, as well as China contribute to the effectiveness of the sanctions imposed
