Estimating the impact of sanctions on Russia바카라 사이트™s war efforts
FCDO estimates that sanctions on Russia have deprived the Russian state of at least $450 billion in war funds between February 2022 and February 2025.
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The document presents the Foreign, Commonwealth & Development Office바카라 사이트™s (FCDO바카라 사이트™s) estimate for the financial impact of international sanctions on the Russian state from February 2022 to February 2025.
It concludes that sanctions have deprived Russia of at least $450 billion in war funds. This figure includes $148 billion in lost oil tax revenues, primarily due to the widening discount between Urals crude oil (Russia바카라 사이트™s benchmark) and Brent crude oil (the global benchmark), which reduced the taxable value of Russian oil exports.
The estimate also includes approximately $286 billion in immobilised Central Bank of Russia foreign currency reserves held in EU and G7 institutions, along with $12.9 billion in lost interest on those deposits.
Limitations of the analysis are clearly stated. These include the exclusion of private Russian assets frozen abroad (eg $58 billion in the US), the inability to measure reductions in total oil export revenues, and the challenge of isolating the effect of sanctions from other global market dynamics.