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June 8, 2026Journal of International EconomicsOpen Access

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

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Authors

JLJuan de LucioRMRaúl MínguezAMAsier Minondo

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Overview

Quantifies trade reductions in exports and imports with Russia from sanctions and firm actions, indicating significant combined effects.

Key Points

  • The research aims to evaluate how sanctions and voluntary firm suspensions affect trade with Russia during the conflict in Ukraine.
  • Utilized Spanish firm-level data to analyze trade with Russia.
  • Quantified the effects of sanctions and voluntary firm decisions on exports and imports.
  • Measured trade reductions in percentages for both sanctions and voluntary actions.
  • Voluntary decisions to suspend activities reduced exports by 20% and imports by 24%.
  • Sanctions led to a 10% reduction in exports and a 34% reduction in imports.
  • Combined effects resulted in a greater reduction in trade than sanctions alone.

Cite This Study

Lucio et al. (2026) studied this question.

synapsesocial.com/papers/6a265bb6ad53cfb9357c532chttps://doi.org/10.1016/j.jinteco.2026.104284
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