We study the impact of global financial sanctions on the Russian banks and economy. Financial sanctions were consecutively imposed between 2014 and 2019, allowing potentially-targeted (but not yet sanctioned) banks to adjust their international and domestic exposures. Compared to similar other...

How much do financial sanctions harm the sanctioned economy? We appeal to the case of Russia which provides a valid laboratory to study the effects of sanctions across time because of the three major waves of sanctions being sequentially imposed on the country over the last decade (in 2014,...