Do Economic Sanctions Work?

One of the tools of modern diplomacy against states like Afghanistan, Iran or Russia is to impose economic sanctions. These can take the form of prohibiting trade, asset freezes, impounding ships and property; and they can be imposed on high profile figures like Roman Abramovich, or thousands of lesser known individuals, with 5,300 people currently on the UK Sanctions List.

But how effective are sanctions; how easily are they circumvented; and what is their impact on the countries targeted?

is a Consultant at Robertson Pugh Associates LLP and a Senior Associate at the Royal United Services Institute’s Centre for Finance and Security and member of its UK Sanctions Implementation and Strategy Taskforce. Prior to her current roles, Cina was Deutsche Bank’s Head of Global Sanctions Advisory – leading a team of international lawyers amidst Russia’s invasion of Ukraine and subsequent sanctions and UK Head of Sanctions at HSBC. Before her private sector roles, Cina was an Assistant Legal Advisor at the Foreign and Commonwealth Office – leading the UK’s Iran nuclear legal team from 2014 to 2016.

is the Head of Sanctions Policy at UK Finance, a trade association for the UK's banking and financial services industry. Before her current role, Nizzero was a Research Fellow at the Centre for Finance and Security at the Royal United Services Institute where she examined the UK, EU and global financial crime landscape, asset recovery and sanctions, and the foreign policy dimension of illicit finance. During her time at RUSI, she was a member of the Transatlantic Response to Illicit Finance (TARIF) Taskforce, the UK Sanctions Taskforce, and the UK Financial Action Task Force (FATF) Taskforce.

Olga Dimitrescu is Head of Engagement for the Oil Price Cap in the Office of Financial Sanctions Implementation, HM Treasury. Her team is responsible for setting and implementing the sanctions engagement for the Russian oil price cap as well as promoting compliance with the UK regulations implementing it.

Chair: is Professor of Government and the Constitution in the UCL Department of Political Science and School of Public Policy.

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