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The Real-Time Impact of the War on Russian Imports: A Synthetic Control Method Approach

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  • Mancini, Michele
  • Conteduca, Francesco Paolo
  • Borin, Alessandro

Abstract

In response to the invasion of Ukraine, the EU and most other advanced economies imposed extensive sanctions on Russia, intending to harm its production capabilities and hinder its economic activities by restricting its access to international trade and financial markets. This paper develops an empirical framework based on the synthetic control method to assess the impact of the war and the following sanctions on bilateral and sectoral exports to Russia almost in real time. The war and the following sanctions reduced aggregate exports to Russia by a third between March and December 2022, with the effects being stronger for sanctioning countries than for non-sanctioning ones, albeit with substantial country-level heterogeneity within each group. Exports to Russia in high-tech sectors – relatively more targeted by trade sanctions – have been disproportionately affected.

Suggested Citation

  • Mancini, Michele & Conteduca, Francesco Paolo & Borin, Alessandro, 2024. "The Real-Time Impact of the War on Russian Imports: A Synthetic Control Method Approach," World Trade Review, Cambridge University Press, vol. 23(4), pages 433-447, October.
    • Handle: RePEc:cup:wotrrv:v:23:y:2024:i:4:p:433-447_1
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    Cited by:

    1. Meyer, Klaus E. & Fang, Tony & Panibratov, Andrei Y. & Peng, Mike W. & Gaur, Ajai, 2023. "International business under sanctions," Journal of World Business, Elsevier, vol. 58(2).
    2. Simola, Heli, 2023. "What the literature says about the effects of sanctions on Russia," BOFIT Policy Briefs 8/2023, Bank of Finland Institute for Emerging Economies (BOFIT).

    More about this item

    JEL classification:

    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • C54 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Quantitative Policy Modeling
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations

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