Smorodinskaya N.V., Katukov D.D. IRANIAN SANCTIONS EXPERIENCE: MACROECONOMIC OUTCOMES AND LESSONS FOR RUSSIA

The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 6/2023. Economics and Management.

Nataliya V. Smorodinskaya

Cand. Sci. (Econ.), leading researcher, Institute of Economics of the Russian Academy of Sciences, Moscow, Russia

ORCID: 0000-0002-4741-9197

Daniel D. Katukov

researcher, Institute of Economics of the Russian Academy of Sciences Moscow, Russia

ORCID: 0000-0003-3839-5979

IRANIAN SANCTIONS EXPERIENCE: MACROECONOMIC OUTCOMES AND LESSONS FOR RUSSIA

26-42

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Abstract

The paper examines the impact of the sanctions crisis on oil-exporting economies, using the case of Iran in 2011-2022. It describes effects of the two rounds of collective sanctions — before the conclusion and after the termination of the nuclear deal, as well as in the interim period of lifting the oil embargo. The authors typologize priorities of the Iranian doctrine of “resistance economy” and review its macroeconomic outcomes. They show that despite the successful evasion of sanctions, the development of ties with alternative partners and some advances in diversification, the Iranian economy continues to lose budget revenues and remains unstable, experiencing periodic recessions, devaluations and high inflation. Within the Iranian context, the authors highlight the problem of unbalanced growth under the sanctions stress, as well as vulnerabilities in the growth-supporting strategy based on fiscal stimulus — the issues that hold relevance for Russia.

Keywords: economic sanctions, sanctions crisis, Iranian economy, «resistance economy», Russian economy, fiscal stimulus.

JEL: F1, F13, F5, F51

EDN: EMOCKG

DOI: https://doi.org/10.52180/2073-6487_2023_6_26_42

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Manuscript submission date: 02.11.2023

For citation:

Smorodinskaya N.V., Katukov D.D. Iranian sanctions experience: macroeconomic outcomes and lessons for Russia // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2023. № 6. Pp. 26-42. (In Russ.). https://doi.org/10.52180/2073-6487_2023_6_26_42 EDN: EMOCKG

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