ABSTRACT
This research contributes to an ongoing discussion about the impact of Western sanctions on the Russian economy and on Russia’s trade with its partners. Existing studies agree that trade with the European Union, Russia’s main economic partner, contracted sharply as a result of restrictive measures adopted by both sides. However, effect of sanctions on Russia’s trade with non-participating countries is less obvious. This chapter analyses pattern of trade between Russia and Republic of Korea, which did not join the sanctions, during 2014–2017. It shows an indirect influence of sanction on the overall trade and explores what implications for trade policy it could bring in the future. The chapter also contributes to a discussion on business decision-making during times of economic uncertainty like sanctions as it studies strategic choices of private companies during this time. Private sector contribution to actual trade is important as well as their role in the trade policy because of their ability to influence government’s decisions.
