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Title: Sanctions and the Shifting Landscape of International Trade Abstract: Economic sanctions have expanded rapidly in recent years, yet their effectiveness and broader consequences remain poorly understood. This presentation examines the impact of Western sanctions imposed on Russia following its 2022 invasion of Ukraine. It shows that export-restricting measures have been only partially effective, as large volumes of sanctioned goods have continued to reach Russia via transshipment through third countries or by “disappearing” in transit. It highlights unintended consequences of financial sanctions, including growing fragmentation in invoicing currencies and a shift away from the U.S. dollar and toward the renminbi in Russia’s trade invoicing. Finally, it considers the perspective of exporters in third countries, who face a trade-off between the profits available in a sanctioned market and the heightened risk of reputational harm or exposure to secondary sanctions. Prof. Javorcik presented her work at the 8th GeoInno Conference in Budapest, at Corvinus University of Budapest, on January 28, 2026.