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The Effect of U.S. Sanctions on the Economy of Russia

Student: Smirnova Olesya

Supervisor: Svetlana A. Lapinova

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2018

In this graduation thesis research of the impact of international sanctions on the Russian economy is being performed. Introduced in 2014 by the United States and European Union countries, sanctions have had a significant impact on the majority of Russian economy’s spheres. There are both negative and positive results. The purpose of the work is to assess the actual impact of sanctions on the Russian economy in the period 2014-2017. The assessment of the impact of sanctions is carried out in three directions: the general state of the economy, the risks of investing in the Russian economy and the state of the stock market. To achieve the goal of the work, the following tasks were set: 1. Analysis of types of sanctions and the causes of their occurrence;2. Study of domestic and foreign literature on the subject of sanctions against the Russian economy;3. Quantitative analysis of economic statistics for the period 2010-2017, investigation of trends and unusual changes;4. Study and classification of existing stock market anomalies;5. Testing the presence of stock market anomalies after the introduction of sanctions;6.Assessment of the investment risk in Russian economy and investigation of its dynamics in post-sanctions period. Based on the results of the research work, the following results were obtained: 1. The introduction of sanctions had a negative impact on the overall economic situation in Russia, which is reflected in reduction of GDP growth rate, exports/imports, profitability and solvency of Russian companies;2. The risks of investing in the Russian economy grew after the introduction of sanctions in 2014. Post-sanctions period is characterized by a higher coefficient of "beta" in the built CAPM models;3. Stock market anomalies have stronger effect during the period of sanctions (pointed distribution of stock returns, positive correlation of trading volume and volatility).

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