Reducing trade with Russia: sanctions vs. firms’ voluntary suspension of activities

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dc.contributor.authorde Lucio, Juan José
dc.contributor.authorMínguez, Raúl
dc.contributor.authorMinondo, Asier
dc.contributor.authorRequena Silvente, Francisco
dc.date.accessioned2026-08-03T10:21:38Z
dc.date.available2026-08-03T10:21:38Z
dc.date.issued2026-08-01
dc.date.updated2026-08-03T10:21:38Z
dc.description.abstractThe invasion of Ukraine in February 2022 led to large and unprecedented sanctions against Russia. In parallel, many multinational firms voluntarily decided to suspend their activities in Russia. Using Spanish firm-level data, this paper quantifies the impact of trade sanctions and firms’ voluntary decisions to suspend activities on exports and imports with Russia. We find that firms’ voluntary decisions to suspend activities in Russia contributed to the reduction in exports and imports by 20% and 24%, respectively, while sanctions contributed by 10% and 34%, respectively. The results show that the combination of sanctions and firms’ voluntary suspension of activities caused a much greater reduction in trade with Russia than sanctions alone would have achieved.en
dc.description.sponsorshipThis research was conducted as part of the Project PID2021-122133NB-I00 financed by MCIN/AEI/10.13039/501100011033/FEDER, EU. We also gratefully acknowledge the financial support from the Department of Science, Universities and Innovation of the Basque Government (IT1429-22 and IT1793-26), Comunidad de Madrid and UAH (EPU-INV/2020/006), and the Consellería de Educación, Universidades y Empleo (Generalitat Valenciana), Programa Prometeu 2023 (CIPROM/2022/50)en
dc.identifier.citationde Lucio, J., Mínguez, R., Minondo, A., & Requena, F. (2026). Reducing trade with Russia: sanctions vs. firms’ voluntary suspension of activities. Journal of International Economics, 162. https://doi.org/10.1016/J.JINTECO.2026.104284
dc.identifier.doi10.1016/J.JINTECO.2026.104284
dc.identifier.eissn1873-0353
dc.identifier.issn0022-1996
dc.identifier.urihttps://hdl.handle.net/20.500.14454/6452
dc.language.isoeng
dc.publisherElsevier B.V.
dc.rights© 2026 The Authors
dc.subject.otherFirm-level exports and imports
dc.subject.otherReputation
dc.subject.otherRussia
dc.subject.otherRussian invasion of Ukraine
dc.subject.otherSanctions
dc.subject.otherSpain
dc.subject.otherVoluntary suspension of activities
dc.titleReducing trade with Russia: sanctions vs. firms’ voluntary suspension of activitiesen
dc.typejournal article
dcterms.accessRightsopen access
oaire.citation.titleJournal of International Economics
oaire.citation.volume162
oaire.licenseConditionhttps://creativecommons.org/licenses/by-nc/4.0/
oaire.versionVoR
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