The impact of sanctions on firms’ financial performance in Russia
Journal: Eurasian Economic Review
Year: 2026

Abstract This study examines the impact of international sanctions on the financial performance of Russian firms, utilizing a dataset comprising 21,263 companies from 2014 to 2023. The analysis reveals that, since the imposition of sanctions in 2014, the overall financial performance of Russian firms has significantly deteriorated. However, these adverse effects appear to have attenuated following the escalation of the Russo-Ukrainian conflict in 2022. Notably, the financial efficiency of firms