University of Illinois Urbana-Champaign adjunct law professor Taisa Markus is an expert in securities law, cross-border capital markets and corporate finance transactions. She spoke with News Bureau business and law editor Phil Ciciora about the efficacy of international sanctions imposed on Russia in the aftermath of its invasion of Ukraine. An excerpt of the interview follows:

Just how effective have sanctions been against Russia?

The sanctions have had an effect to date but may only have meaningful consequences in the longer term. Sanctions were already imposed on Russia following its annexation of Crimea in 2014, so Russia has had time to prepare for economic pain, including by pivoting toward China.

The sanctions against Russia and Belarus are unprecedented in speed and scope and in the coordinated way they have been imposed. Generally speaking, sanctions may have an economic or political objective. In this case, the objective is political – and the political objective has not been achieved as the aggression and war crimes in Ukraine continue. The Russian retreat from Kyiv and other areas is due to military defeat, not because of sanctions to date.

Read the full interview at news.illinois.edu.