Sanctions have constrained Russia’s economy, increased the cost of its war and forced the Kremlin to build expensive networks of circumvention. Yet major enforcement gaps still allow Russia to earn billions from energy exports, obtain foreign components for its weapons and maintain access to international financial channels.
This research examines how sanctions have worked since 2022, where the current system falls short, and what can be done to strengthen it — from targeting the shadow fleet, banks, cryptocurrency networks and Rosatom to tightening export controls and putting immobilised Russian sovereign assets to work for Ukraine.
Read the full research for the evidence, sector-by-sector analysis and policy recommendations.