Introduction

This paper asks the broadest possible question: What is the point of sanctions?

As a commercial solicitor with decades of experience advising businesses on identifying and managing sanctions risk, I approach this as a practical, rather than theoretical question, and ask whether (and how) sanctions "work", viewed from the perspective of the commercial enterprises which are required to comply with sanctions, and whose actions give sanctions their effect.

The reasons for this are straightforward: clearly if sanctions don't work, then they essentially have no point (or purpose) and an alternative approach needs to be adopted. In addition, if their purpose and their effect are not very closely aligned, then the purpose is not being achieved and/or their effects are broader than is necessary.

In this paper I seek to answer the question "What is the point of sanctions?" by looking at the effectiveness of the UK's financial and trade sanctions that have been imposed on Russia since its invasion of Ukraine in 2022.

I will first explain the framework of the UK's sanctions against Russia (Section II), then examine how their effectiveness can be assessed (Section III) and comment on the effectiveness of the UK's sanctions against Russia (Section IV). I will then discuss ways to bolster their effectiveness (Section V) and conclude with observations on their overall success (Section VI).

As we will see, sanctions do have some effects and these are at least partially aligned with their objectives. However, more needs to be done to make sanctions more effective, to ensure that they continue to achieve their purposes.

This paper will be part of the third TDM Special Issue on "Sanctions and International Arbitration: Impact on Substantive and Procedural Issues". More information here www.transnational-dispute-management.com/news.asp?key=1960