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111. WHY OFFSHORE FINANCE LIMITS U.S. SANCTIONS AGAINST RUSSIA

Author:
Menevis Cilizoglu and Chelsea Estancona
Publication Date:
04-2022
Content Type:
Commentary and Analysis
Institution:
Political Violence @ A Glance
Abstract:
More than 1,000 individuals and entities have now been targeted with sanctions since Russia’s invasion of Ukraine, including more than 50 oligarchs close to Putin and their families. These measures include the freezing of assets in international banks, seizure of yachts, private jets, and luxury real estate, and travel bans. Western policymakers hope that targeting a wide network of Russian political and economic elites, including oil executives, steel tycoons, media moguls and high-level intelligence officers will isolate Putin and pressure him to reverse course. The million-dollar question is, can these targeted measures actually hurt Russian oligarchs, let alone pressure Putin?
Topic:
Foreign Policy, War, Sanctions, Offshore Finance, and Shell Companies
Political Geography:
Russia, Ukraine, and United States of America

112. Saving Energy in a Hurry Reducing Dependence on Russian Hydrocarbons Requires Resolute Demand and Supply Sides Action

Author:
Cédric Philibert
Publication Date:
03-2022
Content Type:
Policy Brief
Institution:
Institut français des relations internationales (IFRI)
Abstract:
Facing Russia’s aggression on Ukraine, European countries have enacted economic and financial sanctions against Russia. • However, heavily dependent on Russian gas, European countries fear possible countersanctions. • On the other hand, Russia is heavily dependent, first and foremost, on oil exports, but also, yet to a lesser extent, on gas exports to Europe. Oil and gas represent more than half its total export revenues. • European countries should distinguish two policy needs: reducing their dependence on Russian gas to mitigate the impacts of possible countersanctions; reducing the demand for Russian oil to increase the economic pressure on Russia. • Reducing demand for Russian oil can be much easier for European countries to endure and can be done immediately with an active involvement of the civil society, from companies to citizens. It would ease the cost impacts on European citizens and give them ways to express their solidarity with Ukraine.
Topic:
Security, Oil, Sanctions, European Union, and Gas
Political Geography:
Russia, Europe, and Ukraine

113. Defying United Nations Sanctions: Three Reasons for African Engagement with North Korea

Author:
Tycho van der Hoog
Publication Date:
06-2022
Content Type:
Working Paper
Institution:
Korea Economic Institute of America (KEI)
Abstract:
The United Nations (UN) sanctions against North Korea are weakened by structural evasion techniques and weak enforcement. The African continent is a crucial node in the global illicit networks of North Korea. This paper examines three motives for African states to cooperate with North Korea, with a particular focus on the context of southern Africa: historical affinity (reciprocity), the practical issue of maintenance dependency (necessity), and the presence of weak enforcement regimes (opportunity). Based on a deep reading of UN Panel of Experts reports, academic literature and policy papers, novel archival material, and an interview with a defected North Korean diplomat, this paper argues that solutions to strengthen the sanctions regime can be successful only if they are grounded in African initiatives.
Topic:
Security, Economics, United Nations, and Sanctions
Political Geography:
Africa, Asia, and North Korea

114. Determinants of China's Policy Towards the War in Ukraine

Author:
Marcin Przychodniak
Publication Date:
05-2022
Content Type:
Special Report
Institution:
The Polish Institute of International Affairs
Abstract:
China’s position on the war in Ukraine depends mainly on the stabilisation of China’s internal situation before the 20th Chinese Communist Party (CCP) Congress planned for autumn this year. By holding NATO responsible for the conflict, the CCP reinforces its rhetoric about the legitimacy of the rivalry with the U.S. China’s signals on supporting peace negotiations and not helping Russia to circumvent sanctions are intended to protect China from possible Western secondary sanctions. The prospect of further Sino-Russian cooperation should induce the EU to reduce its economic interdependence with China.
Topic:
War, Sanctions, European Union, Rivalry, and Chinese Communist Party (CCP)
Political Geography:
China, Europe, Ukraine, and Asia

115. The Course of Cooperation between Russia and its Latin American Partners

Author:
Bartlomiej Znojek
Publication Date:
05-2022
Content Type:
Special Report
Institution:
The Polish Institute of International Affairs
Abstract:
For the past several years, Russia has been strengthening ties with the authoritarian regimes of Cuba, Nicaragua, and Venezuela, and has developed cooperation with other Latin American countries as an investor in the energy sector, a supplier of weapons and Sputnik-V COVID-19 vaccine, and in other areas. Most Latin American governments have condemned the Russian aggression against Ukraine, but they have not imposed sanctions on Russia. It is in the EU’s interest to persuade its Latin American partners of the validity of the restrictions and to work together to mitigate the negative economic effects of the war.
Topic:
International Cooperation, War, Sanctions, Authoritarianism, Partnerships, and Vaccine
Political Geography:
Russia, Ukraine, Cuba, Latin America, Nicaragua, and Venezuela

116. The EU's Prospects for Decoupling from Russian Gas

Author:
Maciej Zaniewicz
Publication Date:
04-2022
Content Type:
Special Report
Institution:
The Polish Institute of International Affairs
Abstract:
The Russian aggression against Ukraine and cut-off of gas supplies to Poland and Bulgaria have strengthened the arguments of supporters of EU independence from Russian gas. However, the prospect of a total embargo is still distant because of opposition from some countries, including Austria, Germany, and Hungary. As a result, the EU will focus on a gradual reduction in purchases of Russian gas, which will have a negative impact on the effectiveness of the sanctions against Russia. It is in Poland’s interest to strive for increasing the pace of diversification of gas supplies to the EU and reducing use.
Topic:
Sanctions, European Union, Gas, and Energy Dependence
Political Geography:
Russia, Europe, Poland, and Bulgaria

117. An Unfinished Agenda: Carving Out Space for Humanitarian Action in the UN Security Council’s Counterterrorism Resolutions and Related Sanctions

Author:
Agathe Sarfati
Publication Date:
03-2022
Content Type:
Policy Brief
Institution:
International Peace Institute (IPI)
Abstract:
Since the terrorist attacks of September 11th, 2001, the UN Security Council has developed two main streams of work related to counterterrorism: the sanctions regime established by Resolution 1267 and measures under Resolution 1373. However, these resolutions and related sanctions regimes have been criticized for failing to safeguard and facilitate impartial humanitarian action. In response, the council has progressively incorporated language that better considers international humanitarian law (IHL) and humanitarian principles. Despite these efforts, humanitarian organizations have continued to criticize counterterrorism resolutions and related sanctions regimes for inhibiting humanitarian activities. This policy paper considers how the Security Council’s counterterrorism resolutions and related sanctions regimes can continue making progress to better protect humanitarian action. It begins by describing the council’s main streams of work on counterterrorism as well as their subsidiary organs. The second section discusses the impact of these counterterrorism measures on impartial humanitarian activities. The third section then reviews the incremental steps taken by the Security Council to incorporate language relevant to IHL and humanitarian affairs into these measures. The fourth section analyzes the four most recent counterterrorism-related resolutions adopted by the Security Council. The paper concludes with policy recommendations for entities both within and outside of the UN to better safeguard humanitarian action within counterterrorism resolutions and related sanctions regimes: For humanitarian organizations, relevant civil society groups and UN entities, and independent experts: Advocate to keep humanitarian action high on the Security Council agenda; Monitor the implementation of the humanitarian exception for Afghanistan; and Issue independent opinions on advisable forms of humanitarian carve-outs. For the UN Security Council and other UN member states: Reinforce implementation and monitoring of provisions in Security Council resolutions pertaining to IHL and humanitarian action; Provide adequate resources to monitor the impact of UN counterterrorism measures and related sanctions on humanitarian action; Amend language in UN counterterrorism resolutions and related sanctions regimes to facilitate humanitarian action; and Empower elected members of the Security Council to be agents of change.
Topic:
Sanctions, Counter-terrorism, UN Security Council, and Humanitarian Response
Political Geography:
Afghanistan and Global Focus

118. Cutting Putin’s energy rent: ‘smart sanctioning’ Russian oil and gas

Author:
Georg Zachmann, Guntram Wolff, Agata Łoskot-Strachota, Simone Tagliapietra, Axel Ockenfels, Ricardo Hausmann, and Ulrich Schetter
Publication Date:
04-2022
Content Type:
Working Paper
Institution:
Bruegel
Abstract:
In the wake of the Russian aggression against Ukraine, major sanctions have been imposed by Western countries, most notably with the aim of limiting Russia’s access to hard international currency. However, Russia remains the world’s first exporter of oil and gas, and at current energy prices this provides large hard currency revenues. As the war continues, European governments are under increased pressure to scale-up their energy sanctions, following measures taken by the United States, the United Kingdom, Canada and Australia. Given the inelasticity of Russia’s oil and gas supply, the most efficient way for Europe to sanction Russian energy would not be an embargo, but the introduction of an import tariff that can be used flexibly to control the degree of economic pressure on Russia.
Topic:
Oil, Sanctions, Gas, Vladimir Putin, and Energy
Political Geography:
Russia, Eurasia, and Ukraine

119. The Inflation Weapon: How American Sanctions Harm Iranian Households

Author:
Esfandyar Batmanghelidj
Publication Date:
01-2022
Content Type:
Special Report
Institution:
Fourth Freedom Forum
Abstract:
This study examines the humanitarian harms of U.S. sanctions on Iranian citizens by focusing on their principal economic impact—high rates of inflation. Although nonexperimental, the study draws upon various data to present a cohesive, if not comprehensive, narrative of the economic shocks that followed the imposition of U.S. sanctions in 2012 and 2018.
Topic:
Foreign Policy, Sanctions, Economy, and Inflation
Political Geography:
Iran, Middle East, North America, and United States of America

120. On the Design of Effective Sanctions: The Case of Bans on Exports to Russia

Author:
Ricardo Hausmann, Ulrich Schetter, and Muhammad A. Yildirim
Publication Date:
09-2022
Content Type:
Working Paper
Institution:
The John F. Kennedy School of Government at Harvard University
Abstract:
We analyze the effects of bans on exports at the level of 5’000 products and show how our results can inform economic sanctions against Russia after its invasion of Ukraine. We begin with characterizing export restrictions imposed by the EU and the US until mid May 2022. We then propose a theoretically-grounded criterion for targeting export bans at the 6-digit HS level. Our results show that the cost to Russia are highly convex in the market share of the sanctioning parties, i.e., there are large benefits from coordinating export bans among a broad coalition of countries. Applying our results to Russia, we find that sanctions imposed by the EU and the US are not systematically related to our arguments once we condition on Russia’s total imports of a product from participating countries. Quantitative evaluations of the export bans show (i) that they are very effective with the welfare loss typically ∼100 times larger for Russia than for the sanctioners. (ii) Improved coordination of the sanctions and targeting sanctions based on our criterion allows to increase the costs to Russia by about 60% with little to no extra cost to the sanctioners. (iii) There is scope for increasing the cost to Russia further by expanding the set of sanctioned products.
Topic:
Sanctions, European Union, Exports, Trade, and Russia-Ukraine War
Political Geography:
Russia, Europe, Ukraine, and Eastern Europe