The legal basis and legal validity of international economic sanctions against Russia

Occupation: Professor of the Department of Public Administration, School of Governance and Policy, Moscow state Institute of International Relations, Ministry of Foreign Affairs of Russia
Affiliation: Moscow state Institute of International Relations, Ministry of Foreign Affairs of Russia
Address: Russian Federation, Moscow

Sergey G. Kamolov

Occupation: Head of the Department of Public Administration, School of Governance and Policy, Moscow state Institute of International Relations, Russian Ministry of Foreign Affairs
Affiliation: Moscow state Institute of International Relations, Russian Ministry of Foreign Affairs
Address: Russian Federation, Moscow

Journal name

Gosudarstvo i pravo

Edition

Issue 1

Pages

111-122

Abstract

The article is devoted to the analysis of possible impact of extraterritorial application of new sanctions of the USA, Great Britain and the European Union on the economy of the Russian Federation. Faced with the low efficiency of the declared anti-Russian sanctions, the United States decided not only to involve its closest partners and dependent countries in its plans, but also to extend the binding nature of its unilateral legislation about sanctions to other sovereign States on a voluntary-compulsory basis. Such secondary sanctions are not only capable, but in practice significantly increase the destructive impact on the Russian economy. Especially if these anti-Russian sanctions are supplemented by extraterritorial sanctions of the EU and the UK.

The article touches upon topical issues of perception of discriminatory sanctions by the world community, presents the main areas of primary and secondary sanctions against the Russian Federation by Western States and satellites, analyzes the risks of further expansion of the sanctions space, which is illegitimate from the point of view of international law and the strategy of international stability. At the same time, the authors emphasize that it is impossible not to understand that the main risks to the economic development of our country are not external factors, but internal, largely systemic.

The authors make conclusion that in such circumstances an adequate response to the sanctions can be only one, namely to accelerate the pace of development of the real sector of the economy, dynamic and substantive mastery of the achievements of scientific and technological progress and digital technologies in management, to increase an export potential, a volume of lending, public and private investment, to optimize monetary policy, to stimulate a domestic consumption market. The authors propose a number of legal, economic and financial measures aimed not so much at circumventing international sanctions, but at reducing the risks of extraterritorial application of sanctions and improving the efficiency of public administration in the field of innovative renewal of production, optimization of the credit and financial system and activation of the banking sector.

Keywords

state, public administration, law, International Law, world order, sanctions, unilateral sanctions, economic sanctions, sanctions regime, extraterritorial application of unilateral sanctions

Received

12.11.2018

Publication date

02.02.2020

Number of characters

48417

Cite

GOST	Okhotsky E., Kamolov S. The legal basis and legal “validity” of international economic sanctions against Russia // Gosudarstvo i pravo – 2020. – Issue 1 C. 111-122 [Electronic resource]. URL: https://gospravo-journal.ru/S013207690008357-4-1 (circulation date: 08.05.2024). DOI: 10.31857/S013207690008357-4
MLA	Okhotsky, Evgeny V, Kamolov, Sergey G "The legal basis and legal “validity” of international economic sanctions against Russia." Gosudarstvo i pravo 1 (2020):111-122. DOI: 10.31857/S013207690008357-4
APA	Okhotsky E., Kamolov S. (2020). The legal basis and legal “validity” of international economic sanctions against Russia. Gosudarstvo i pravo (1), pp.111-122 DOI: 10.31857/S013207690008357-4

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