International Congress on Eurasian Economies

International Conference on Eurasian Economies

18-20 June 2018 – Tashkent, UZBEKISTAN

Paper detail

Paper ID : 2047
Status : Paper published
Language : Turkish
Topic : International Trade and Globalization
Presenter: Mrs. Meerim Uichubek Kyzy
Session : 2C Bölgesel ekonomiler

The Impact of Sanctions on the Eurasian Economic Union Members
Yaptırımların Avrasya Ekonomik Birliği Üyelerine Etkileri


The customs union created in 2010 between Russia, Kazakhstan and Belarus has moved to a further integration phase after five years. Two new members, Kyrgyzstan and Armenia, participated in this integration. But due to the political events in Ukraine and the joining of the Crimea to Russia, the US and the West have adopted economic sanctions against Russia from 2014. Moreover, oil and natural gas prices, a significant source of national income for Russia and some other countries, fell sharply during the same period. These events have adversely affected both the Russian economy and other countries’ economies. It is also mentioned by most researchers that it negatively affects the integration process. Therefore, in this study, it was aimed to determine the effects of sanctions on members of the Eurasian Economic Union with the help of structural break tests. Macro variables such as GDP, foreign trade, FDI, inflation, international reserves of EEU members have been used to achieve the goal. Unit root tests with structural break have shown that economic sanctions have a significant effect on some variables.

JEL codes:

Ganiev, Junus, Baigonushova, Damira, Uichubek Kyzy, Meerim (2018). "The Impact of Sanctions on the Eurasian Economic Union Members" in Proceedings of International Conference of Eurasian Economies 2018, pp.268-276, Tashkent, UZBEKISTAN.


Full paper in PDF format.

Session 2C: Bölgesel ekonomiler

Eurasian Economists Association Beykent University Tashkent State University of Economics Kyrgyzstan-Turkey Manas University TIKA