{"655758":{"#nid":"655758","#data":{"type":"news","title":"The Role of Sanctions in Curtailing Russia","body":[{"value":"\u003Cp\u003EThe European Union and nations such as the United States, Great Britain, and Germany have moved in recent days to impose new sanctions on Russia over the Ukraine conflict. \u003Ca href=\u0022https:\/\/econ.gatech.edu\/people\/person\/tibor-besedes\u0022\u003ETibor Besedes,\u003C\/a\u003E Mary S. and Richard B. Inman, Jr. Professor of Economics in the \u003Ca href=\u0022https:\/\/econ.gatech.edu\/\u0022\u003ESchool of Economics\u003C\/a\u003E, researches \u003Ca href=\u0022https:\/\/econ.gatech.edu\/projects\/are-trade-sanctions-credible-or-are-they-cheap-talk\u0022\u003Ethe effectiveness of sanctions\u003C\/a\u003E \u0026mdash; including those imposed on Russia following its annexation of Crimea. He says while sanctions can make it harder to do business with a country, they do not always achieve the desired result in terms of changing behaviors.\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u0026ldquo;In the short run, I don\u0026rsquo;t think it changes much. Longer term, the intensification of trade restrictions may result in a domestic political price that Putin may have to pay,\u0026rdquo; Besedes said.\u003C\/p\u003E\r\n\r\n\u003Cp\u003EBesedes said sanctions by organizations such as the EU are critical, as his research shows companies in sanctioned countries are often able to evade the penalties through third countries. However, worldwide sanctions imposed by the United Nations are almost impossible to imagine because of Russia\u0026rsquo;s seat on the UN Security Council, where it exercises veto authority.\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u0026ldquo;The ultimate penalty that might befall Russia is that they may be excluded from the SWIFT system, which governs most of the financial transactions around the world. This is what happened to Iran in 2014, and since then, it\u0026rsquo;s been really difficult to do business with Iran because there\u0026rsquo;s no way of sending money out of the country.\u0026rdquo;\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u003Cem\u003EMore experts from Georgia Tech and the Ivan Allen College weigh in on \u003Ca href=\u0022https:\/\/news.gatech.edu\/features\/2022\/02\/understanding-ukrainerussia-conflict\u0022\u003EUnderstanding the Russia\/Ukraine Conflict.\u003C\/a\u003E\u003C\/em\u003E\u003C\/p\u003E\r\n","summary":null,"format":"limited_html"}],"field_subtitle":"","field_summary":"","field_summary_sentence":[{"value":"While sanctions can make it harder to do business with a country, they do not always achieve the desired result in terms of changing behaviors, says School of Economics Professor Tibor Besedes."}],"uid":"35766","created_gmt":"2022-02-24 16:59:08","changed_gmt":"2022-02-28 15:15:30","author":"dminardi3","boilerplate_text":"","field_publication":"","field_article_url":"","dateline":{"date":"2022-02-24T00:00:00-05:00","iso_date":"2022-02-24T00:00:00-05:00","tz":"America\/New_York"},"extras":[],"hg_media":{"655759":{"id":"655759","type":"image","title":"The Role of Sanctions in Curtailing Russia","body":null,"created":"1645721976","gmt_created":"2022-02-24 16:59:36","changed":"1645725315","gmt_changed":"2022-02-24 17:55:15","alt":"Ukrainian and Russian flags","file":{"fid":"248617","name":"16 x 9 Aspect Ratio (3200 x 1800 px) (18).png","image_path":"\/sites\/default\/files\/images\/16%20x%209%20Aspect%20Ratio%20%283200%20x%201800%20px%29%20%2818%29.png","image_full_path":"http:\/\/www.tlwarc.hg.gatech.edu\/\/sites\/default\/files\/images\/16%20x%209%20Aspect%20Ratio%20%283200%20x%201800%20px%29%20%2818%29.png","mime":"image\/png","size":4705954,"path_740":"http:\/\/www.tlwarc.hg.gatech.edu\/sites\/default\/files\/styles\/740xx_scale\/public\/images\/16%20x%209%20Aspect%20Ratio%20%283200%20x%201800%20px%29%20%2818%29.png?itok=QJuap4ZP"}}},"media_ids":["655759"],"groups":[{"id":"1281","name":"Ivan Allen College of Liberal Arts"}],"categories":[],"keywords":[],"core_research_areas":[],"news_room_topics":[],"event_categories":[],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[{"value":"\u003Cp\u003EMichael Pearson\u003C\/p\u003E\r\n\r\n\u003Cp\u003Emichael.pearson@iac.gatech.edu\u003C\/p\u003E\r\n","format":"limited_html"}],"email":["michael.pearson@iac.gatech.edu"],"slides":[],"orientation":[],"userdata":""}}}