Assessment of Russian sanctions on economies of the Baltics countries

Abstract

The article deals with the concept of sanctions: what is it, what purpose do sanctions apply, what results are expected from sanctions. Sanctions have been found to have both positive and negative effects on sanctioned countries, but in all cases, sanctions affect the country's economic indicators such as GDP, inflation, exports. Based on the concept of sanctions, it was important to examine one of the most recent events of recent years - Russian sanctions on food exports from the US and EU countries. This is important because the Baltic countries have international relations, and especially with Russia, as these countries are quite dependent on Russia for their geographical position and a large part of cargo, especially food, is transported to Russia. Naturally, the export of sanctions had to affect the export volumes of the Baltic countries and the transport sector. Thus, the impact of sanctions on the economic indicators of the Baltic countries was analyzed: GDP, inflation, export volumes, volumes of transported goods in the transport sector. In order to find out which of the Baltic countries were most affected by sanctions, a multi-criteria assessment of the sum of seats and SAW methods was used to compile the Baltic countries according to the economic indicators data provided by Eurostat. The multi-criteria assessment showed that all the Baltic countries suffered economic damage, country exports decreased, transport flows, resulting in a decrease in the country's GDP, and a slower economic development. Lithuania suffered the most economic damage. As it turned out, Lithuania's indicators were the worst after the introduction of restrictions.