Multiple countries, including EU members and the United States, have imposed a variety of trade sanctions on Russia in response to the Ukraine invasion. These include revoking Russia's most favored nation tariff treatment that the country receives from WTO membership. This action will allow tariffs on Russian exports to increase to historically high levels and can include outright bans on the import of Russian oil and gas. Do these sanctions only symbolically label Russia a pariah state or will its new least favored nation status have real effects on the Russian economy? In this webinar, Professors Simon Evenett of the University of St. Gallen and Marc Muendler of UC San Diego will discuss their research estimating the economic effects on both Russia and the sanctioning economies using a new trade simulation tool. They compare varying policy scenarios in terms of their impact on GDP and job loss in Russia and show half a million job losses from broad-based tariffs, but a small reduction in Russian GDP. Listen as they discuss their findings. Kyle Handley, Associate Professor of Economics and Associate Director of the Center for Commerce and Diplomacy will moderate the discussion.