1. Mbah, R. E., & Wasum, D. F. (2022). Russian-Ukraine 2022 War: A review of the economic impact of
Russian-Ukraine crisis on the USA, UK, Canada, and Europe. Advances in Social Sciences Research
Journal, 9(3), 144-153.


In this study, Mbah and Wasum (2022) analyze the impact of Russian-Ukraine conflict on the biggest
players in the global community, specifically the USA, UK, Canada and Europe using the Social
Contract and Interest Group theories. Arguing on various political statements, authors agree that
the effect of the current attack on Ukraine by Russia is also costly for the worldwide community.
The Social Contract theory explains that all the members of the conflict (Ukraine, NATO and Russia)
are willing to minimize the negative consequences for their citizens and the Interest Group theory
speculates on these countries’ strategies and how it affects each party’s interests. The strong
side of the article is in the brief summary on the economic and financial changes of the most
important players of the international market. However, the study does not clarify the effect of
the sanctions imposed on Russia, so a further research is needed in order to understand the results
more precisely.


2. van Bergeijk, P. (2022). Economic sanctions and the Russian war on Ukraine: a critical
comparative appraisal. International Institute of Social Studies working paper, 699.


In the working paper, van Bergeijk (2022) speculates on the influence of the sanctions imposed on
Russia as a result of the military invasion in Ukraine comparing it to the former experience with
anti-Apartheid sanctions in 1980s, the sanctions against Iraqi occupation of Kuwait in 1990, the
sanctions against Iranian nuclear capabilities in 2012 and the sanctions against the Russian
annexation of Crimea in 2014. The author debates the statement about 2022 sanctions on Russia being
without precedent, calling it an exaggeration. This work is valuable in case of analyzing the
effectiveness of economic pressure as an influence mechanism. van Bergeijk states that new
sanctions are radical but because of the sanctions imposed on Russia in 2014, it did not affect the
country as much as it was expected due to previous Russian experience. Moreover, according to the
paper, sanctions against military adventures have a significantly lower probability of success.
However, the author does not offer possible alternatives that could perform better.


3. Girardone, C. (2022). Russian sanctions and the banking sector. British Journal of
Management, 33(4), 1683-1688.


In the article Girardone (2022) enlightens the reader of the situation created in the global
banking systems due to the sanctions imposed on Russia’s financial sector after the invasion in
Ukraine in February 2022. Given the fact of interdependence of Russia with Europe, the consequences
were felt in both of the parties. Analysing the situation occurred in the biggest Russian banks VTB
and Sberbank, author demonstrates how penalties such as disconnecting from SWIFT and freezing
foreign assets affected not only Russia, but Europe as well. These sanctions reduced the ability to
make international operations, especially with foreign currencies, in a cheap and secure way.
Girardone divides the effects into direct and indirect ones giving brief explanations. The study is
relevant when discussing the effectiveness of financial sanctions as a restrictive mechanism in the
international relations.