Sanctions, Co-Sanctions, and Counter-Sanctions: A Multilateral, Evolutionary Game Among Three Global Powers
Journal: Defence and Peace Economics
Year: 2023

Facing the sanctions from the West since the annexation of Crimea in 2014, Russia quickly converged to a strong counter-sanction strategy. The US and the EU staggered the strengths of sanctions in turns, with the EU first imposing relatively stronger commercial sanctions first and the US relaying with stronger financial sanctions later. Using US-EU-Russia sanctions as an example, we develop a multilateral, evolutionary game to capture the strategic complementarity between the sanctioners and the