Western Sanctions on Russia and the Rise of the Non-Western Offshore World

When the United States and the European Union imposed sanctions on Russia following its invasion of Ukraine in February 2022, policymakers expected the Russian economy to significantly contract. Instead, Russia has developed a number of countermeasures that have facilitated sanctions evasion and kept its economy afloat, mostly through its use of offshore economic networks and practices. 

What is the “offshore world” and why is it playing an increasingly important role in the facilitation of Russian sanctions evasion and the development of global governance of non-Western countries more broadly? This panel of distinguished international researchers will explore how the “offshore world” is evolving in the areas of banking and finance, anti-corruption regulations and the global market for citizenship. Their research reveals how the offshore world is itself becoming increasingly “post-Western,” creating new important new hubs and network ties across Eurasia, Africa and the Middle East.