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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.
Gurvich et al. (Tue,) studied this question.