Peculiarities of trade and economic cooperation among EEU countries under sanctions restrictions

Abstract

The purpose of this article is to examine the specifics of trade and economic cooperation among the countries of the Eurasian Economic Union (EEU) under sanctions restrictions. The study is based on a qualitative analysis of secondary data sources, including academic articles, policy documents and statistical reports. The results indicate that the EEU countries have faced significant difficulties in maintaining trade and economic relations with the sanctioned countries. However, some EEU countries have adopted alternative approaches to address the problem of sanctions. One approach is to diversify their trading partners and expand trade with non-sanctioned countries. Another approach is to invest in non-sanctioned sectors to mitigate the impact of sanctions on their economies. For example, some EEU countries have increased investments in renewable energy, infrastructure, and agriculture to reduce their dependence on sanctioned countries. The study concludes that the effectiveness of sanctions as a foreign policy tool is limited and may have unintended consequences, such as trade diversion and increased economic disparities.