Russia’s war of aggression in Ukraine has been widely condemned. The EU, the UK and the USA, together
with their allies, have imposed unprecedentedly extensive and well-coordinated sanctions on Russia.
The sanctions target the key sectors of the Russian economy, undermining Russia’s technological and
industrial development, and isolating Russia from the global economy and international financial
market. The economic situation in Russia is aggravated by other consequences of the war, such as the
large-scale withdrawal of Western companies, and the accelerated brain drain. However, due to Russia’s
integration into world markets and the EU’s dependence on Russian energy, for instance, the impacts of
the sanctions are also felt on the international economy and on countries that imposed them, including
Finland. This study reviews the main sanctions of the EU, the UK, and the USA by sector, and examines
their effectiveness with regard to their target, Russia. In addition, the impacts of the war in Ukraine and
the sanctions on Finland’s foreign trade and Finnish companies are assessed.