International Relations scholars disagree about whether economic sanctions are an effective tool to coerce countries to follow a certain course of action.
In the case of the Russia, however, the mix of low oil prices and three rounds of sanctions imposed by the European Union (EU) and the United States (US) have certainly left a dent.
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The IMF predicts that Russia’s GDP will shrink by 3.8 percent in 2015.
This in turn is hurting large European economies, such as Germany, Italy, and the Netherlands, that have a significant trade relationship with Russia. Exports from these countries to Russia have decreased markedly in 2014.
Source: IMF
*Data refers to the first 11 months of 2014.