21 November 2023

2022/23 Rybczynski Prize Essay

Author: Muthomi Gichaara, British Embassy Ashgabat
Author: Shahzad Gitay, Bank of England

Economic sanctions are increasingly being used as a tool of modern diplomacy. They are a set of economic penalties imposed by one or more countries against another and act as an alternative to military force to further foreign policy objectives. Despite their potential, sanctions face several limitations.

Read Dancing with the bear: The impact of sanctions on Russian trade.