Economic The EU’s sanctions policy towards Russia,

Economic
sanctions are financial and commercial policies applied by one or more
countries against a targeted state, individual, or group. Sanctions may involve
range forms of trade barriers, tariffs, and restrictions on financial
transactions.

At
the present time, effect of economic sanctions
have more negative and serious
consequences than any time in the past. The main
reason, of changes of effects, patterns, and forms of economic sanctions, is process of liberalization of world economy.
The world is going through a process of globalization. Globalization – the
shift toward a more integrated and interdependent world economy, with more interaction
among companies, states, and different nations. By integration of world
economy, countries had become more integrated and interdependent, and effect of
sanctions can spread between nations who have strong economic relations.

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Firstly,
I think worth to remind that the first sanctions against Russia were
introduced at the March 6, 2014, but they
had a symbolic character and resembled more on unfriendly
gesture from the West than real impact on the economy. The next steps
for the restrictions of the Russian Federation has
become much more significant and make serious damage to the Russian economy in
the medium term. Under the sanctions were government officials, major banks,
energy and defense spheres, in addition to this on the part of European,
American, Japanese, Canadian and Australian companies, it was decided to limit
the supply of technology, weapons, minerals and other goods to the Russian
market.

The
EU’s sanctions policy towards Russia, there we may distinguish three areas:
visa restrictions against a number of citizens, economic – against some state-owned
oil companies, defense and financial sectors, as well as restrictive measures
against the Crimea.

The
sanctions of the US and the European Union are aimed primarily at the key
sector of the Russian economy – to the oil complex. Access to technologies for development of shale and difficultly extracted
oil deposits is blocked. Technological shortage
can be closed by importing equipment from other countries; we can also include
China, but characteristics of Chinese models it is inferior to Western models.

In
the financial and banking sector of the Russian economy, sanctions are aimed to the blocking the source of key financing
liquidity conductors in the banking system, as long-term and cheap money.