title: Sectoral Adaptation and Strategic Resilience: The Impact of Sanctions on Russian Corporate Performance (2014–2021)
abstract: ABSTRACT We examine the sectoral impact of Western sanctions on Russian corporate performance from 2014 to 2021 using a panel of listed nonfinancial firms. Applying continuous‐time heterogeneous treatment models and difference‐in‐differences estimators, we document persistent divergence across sectors: The energy sector exhibits sustained underperformance, whereas materials and utilities display relative resilience. Notably, state or strategic designation does not consistently shield firms from 
journal: Economics of Transition and Institutional Change