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DESCRIPTION;ENCODING=QUOTED-PRINTABLE:BOFIT Seminar - Luu Duc Toan Huynh (Queen Mary University of London) - The Impact of Foreign Sanctions on Firm Performance in Russia =0D=0A Co-authors: Khanh Hoang (Lincoln University) and Steven Ongena (University of Zurich) =0D=0A Abstract We assess the economic effects of two decades of recent sanctions on Russian firms’ fundamental performance. We find that foreign sanctions leave energy firms in Russia unaffected but do undermine firm performance in the other (non-energy) sectors. While firms with connections to Russian oligarchs linked to Putin are unaffected, sanctions do not differentiate in their impact between firms with Russian and foreign origins. We provide evidence of decreased investment sensitivity to cash flows under the impact of foreign sanctions, suggesting that sanctions cause financial constraints, which is evident by increased cost of capital. Interestingly, Russian firms seem to be prepared for the Crimea event and the Ukraine war given their abnormal patterns of stockpiling and share repurchases in the years right before the conflicts. Ultimately, we find that increasing export to China at country-level helps alleviate the negative impact of sanctions on firm performance in Russia.=0D=0A Online BOFIT seminars are open to all researchers interested in the subjects covered. Those wishing to attend a seminar are kindly asked to register in advance, by filling in  the Online Registration Form . =0D=0A The registration for the seminar is open until 9:00 am the day of the seminar. You will receive a link to join the seminar by email at the latest one hour before the seminar is scheduled to begin. =0D=0A
DTEND:20250114T093000Z
DTSTAMP:20241219T063600Z
DTSTART:20250114T083000Z
LOCATION:MS Teams
SUMMARY:Luu Duc Toan Huynh (Queen Mary University of London) - The Impact of Foreign Sanctions on Firm Performance in Russia
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