Economic sanctions remain a popular tool in international politics and have drawn the attention of economists, policy makers and the public. In this study, we examine the impact of economic sanctions imposed by Western countries on the exports of the Russian Federation (RF) and the impact of counter-sanctions responded by the RF on its import. We use the data from 49 trading partners of the RF from 2011 to 2018 and employ a gravity modelling approach, which allows us to undertake differences-in-differences estimations to identify the causal effects of sanctions and counter-sanctions. We find that (i) economic sanctions against and counter-sanctions from the RF lead to declines in both aggregate export and import values of the RF. The sanctions cause a decline of 25.25% of the export values of the RF to, while counter-sanctions cause a decline of 25.92% of the RF’s import values from sanctions sending countries; (ii) the effects of sanctions and counter-sanctions are not homogeneous among export and import products. The sanctions severely affect the RF’s export of oil products with a reduction of about 36.56% of the export value while the effects of the sanctions on the RF’s export of non-oil products are insignificant. Meanwhile, the counter-sanctions cause a decline in the import value of agro products by 54.52% and a decline in the import value of non-agro products by 20.86%. The decline in export and import indicates that these non-tariff barriers are harmful to both the RF and the countries imposing sanctions.

经济制裁仍然是国际政治中的一种流行手段，并引起了经济学家，政策制定者和公众的关注。在这项研究中，我们研究了西方国家对俄罗斯联邦（RF）出口实施的经济制裁的影响以及RF对其进口采取的反制裁措施的影响。我们使用了2011年至2018年RF的49个贸易伙伴的数据，并采用了引力建模方法，这使我们能够进行差异差异估计，以识别制裁和反制裁的因果关系。我们发现（i）对RF的经济制裁和来自RF的反制裁导致RF的进出口总额下降。制裁导致RF出口值下降25.25％，反制裁导致RF从制裁派遣国的进口值下降了25.92％；（ii）制裁和反制裁的效果在进出口产品之间并不相同。制裁严重影响了RF的石油产品出口，减少了其出口值的36.56％，而制裁对RF的非石油产品出口的影响则微不足道。同时，反制裁导致农产品进口额下降了54.52％，非农产品进口额下降了20.86％。进出口的下降表明，这些非关税壁垒对RF和实施制裁的国家均有害。（ii）制裁和反制裁的效果在进出口产品之间并不相同。制裁严重影响了RF的石油产品出口，减少了其出口值的36.56％，而制裁对RF的非石油产品出口的影响则微不足道。同时，反制裁导致农产品进口额下降了54.52％，非农产品进口额下降了20.86％。进出口的下降表明，这些非关税壁垒对RF和实施制裁的国家均有害。（ii）制裁和反制裁的效果在进出口产品之间并不相同。制裁严重影响了RF的石油产品出口，减少了其出口值的36.56％，而制裁对RF的非石油产品出口的影响则微不足道。同时，反制裁导致农产品进口额下降了54.52％，非农产品进口额下降了20.86％。进出口的下降表明，这些非关税壁垒对RF和实施制裁的国家均有害。同时，反制裁导致农产品进口额下降了54.52％，非农产品进口额下降了20.86％。进出口的下降表明，这些非关税壁垒对RF和实施制裁的国家均有害。同时，反制裁导致农产品进口额下降了54.52％，非农产品进口额下降了20.86％。进出口的下降表明，这些非关税壁垒对RF和实施制裁的国家均有害。