How do private firms respond when they are hit by economic sanctions? Economic sanctions are a vitally important element of the European Union's foreign policy toolbox. While their importance and frequency of use increased, not much is known about the economic impact of the economic sanctions at the micro level. Yet the sanctions imposition has been recently politicized within the EU, especially in the reaction to the sanctions that EU imposed on Russia, and the counter - sanctions that ensued. Drawing on export data for all Dutch companies over the period 2013 –2016, we examine how Dutch companies responded to Russian counter -sanctions imposed on the EU after the annexation of Crimea. Our statistical matching approach suggests that while the companies exposed to the sanctions are more likely to go bankrupt compared to their unexposed counterparts, those who survive are able to weather the impact rather well in the medium -long term.

中文翻译：

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莫斯科不再有高达？实施制裁的分配效应

私营企业在受到经济制裁打击时如何应对？经济制裁是欧盟外交政策工具箱中极其重要的组成部分。虽然它们的重要性和使用频率有所增加，但人们对经济制裁在微观层面的经济影响知之甚少。然而，制裁的实施最近在欧盟内部被政治化，特别是在对欧盟对俄罗斯实施的制裁以及随之而来的反制裁的反应中。我们利用 2013 年至 2016 年期间所有荷兰公司的出口数据，研究荷兰公司如何应对俄罗斯在吞并克里米亚后对欧盟实施的反制裁。