In this paper we use a natural experiment of reciprocal imposition of trade sanctions by Russia and the EU since 2014. Using UNCTAD/BACI bilateral flows data we take this unique opportunity to analyse both sanctions. In particular, we study the effectiveness of narrow versus broadly defined sanctions, and differences in the effectiveness of sanctions imposed on exports and imports. We show that the Russian sanctions imposed on European and American food imports resulted in about 8 times stronger decline in trade flows than those imposed by the EU and the US on exports of extraction equipment. These results do not appear to be driven by diversion of trade flows via non-sanctioning countries. Hence the difference in sanctions' effectiveness can be attributed to the broader range of sanctioned goods and potentially to a stronger position of enforcement of sanctions on imports rather than exports.

中文翻译：

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哪些制裁重要？2014年欧盟/俄罗斯制裁分析

在本文中，我们使用了自 2014 年以来俄罗斯和欧盟对等实施贸易制裁的自然实验。使用 UNCTAD/BACI 双边流量数据，我们利用这个独特的机会来分析这两种制裁。我们特别研究了狭义制裁与广义制裁的有效性，以及对出口和进口实施的制裁有效性的差异。我们表明，俄罗斯对欧洲和美国食品进口实施的制裁导致贸易流量下降的幅度是欧盟和美国对提取设备出口实施制裁的 8 倍。这些结果似乎不是由非制裁国家的贸易流量转移所驱动的。因此，制裁的差异'