Nivorozhkin, Eugene;
(2025)
Sectoral Adaptation and Strategic Resilience: The Impact of Sanctions on Russian Corporate Performance (2014-2021).
Economics of Transition and Institutional Change
10.1111/ecot.70012.
(In press).
Preview |
PDF
Econ of Transit and Inst Chang - 2025 - Nivorozhkin - Sectoral Adaptation and Strategic Resilience The Impact of Sanctions.pdf - Published Version Download (2MB) | Preview |
Abstract
We examine the sectoral impact of Western sanctions on Russian corporate performance from 2014 to 2021 using a panel of listed nonfinancial firms. Applying continuous-time heterogeneous treatment models and difference-in-differences estimators, we document persistent divergence across sectors: The energy sector exhibits sustained underperformance, whereas materials and utilities display relative resilience. Notably, state or strategic designation does not consistently shield firms from adverse outcomes. Our findings conceptualise sanctions as structural stress tests that expose institutional asymmetries and adaptive capacities, offering new empirical insights into the long-term economic consequences of geopolitical constraints.
| Type: | Article |
|---|---|
| Title: | Sectoral Adaptation and Strategic Resilience: The Impact of Sanctions on Russian Corporate Performance (2014-2021) |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1111/ecot.70012 |
| Publisher version: | https://doi.org/10.1111/ecot.70012 |
| Language: | English |
| Additional information: | © 2025 The Author(s). Economics of Transition and Institutional Change published by John Wiley & Sons Ltd on behalf of European Bank for Reconstruction and Development. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. |
| Keywords: | energy sector, financial resilience, geopolitical risk, heterogeneous treatment model, international sanctions, materials sector, Russian firms, sectoral heterogeneity, state ownership, strategic adaptation |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL SLASH UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of Arts and Humanities |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10215090 |
Archive Staff Only
 |
View Item |
