The Blood of Nessos – The Sanctions Game between Russia and the West and Its Implications

Abstract

The paper provides an early analysis of the Russian-Western sanctions game that has unfolded since the start of the war in February 2022. Following the analytical conventions of the academic literature, it reviews its origins, the sides’ initial positions, the objectives formulated, the means used to achieve them, and the economic and political aspects of adaptation. It draws on the theoretical literature to offer criteria for evaluating effectiveness and also provides some insights into the Hungarian context. The Russian-Western sanctions game is a pivotal issue in international politics and the world economy. Its outcome may determine the future perception, acceptance and applicability of economic statecraft.