Together with the Leibniz Institute for Financial Research SAFE (Sustainable Architecture for Finance in Europe), PRIF has drafted a policy note on sanctions against Russia (as of 25 February 2022).
The publication summarizes the authors' assessment of financial sanctions against Russa and focuses on three instruments: SWIFT exclusions, a blocking of correspondent banking relationships with Russian banks, and limiting the export/import flows underlying the financial transactions.
While option one is considered less impactful than often believed, option two is considered an effective way to isolate the Russian banking system. Option three may be the most wide-ranging way to apply economic and financial pressure.
The full policy note is available for download here:
Leibniz Institute for Financial Research SAFE/Leibniz-Institut Hessische Stiftung Friedens- und Konfliktforschung (HSFK) (2022): Policy Note: Designing a Rational Sanctioning Strategy, Frankfurt/M.