Sanctions and inventories: Evidence from Russian energy firms
研究了1994至2022年间俄罗斯能源企业如何应对西方制裁，发现受制裁企业库存水平显著高于未受制裁企业，且大型企业库存增加、高杠杆企业库存减少。
We examine how Russian energy firms respond to international sanctions imposed by Western countries and their allies. The primary aim of these sanctions is to prevent Russia from accessing global trade markets. Using the sample of 13,319 Russian firms from 1994 to 2022, we find that sanctioned Russian energy firms hold significantly higher inventory levels compared to non-sanctioned firms. Sanctions have heterogeneous impacts across different firm characteristics. Large firms hold more inventory after being sanctioned, while highly leveraged firms significantly reduce their inventory levels. We also find that corporate inventory turnover is not significantly impacted, likely because sanctioned energy firms cannot promptly sell their products in response to the sanctions.