The impact of financial sanctions on the Russian economy

ly affected sanctioned state -controlled banks, oil, gas and arms companies by severely constraining foreign funding and have indirectly affected non-sanctioned companies by -($160-170bn) due to Russian companies' self -adjustment, which is evidenced by their utili zation of foreign assets accumulated earlier for debt repayment and an overall decrease by 2017, compared with a hypothetical scenario with no sanctions) but 3.3 times lower than the estimated effects of the oil price shock.