We capitalize on the latest estimation methods in the empirical gravity literature and the development of a new dataset (the Global Sanctions Data Base, GSDB) to study the evolution, over
time, of the e¤ects of sanctions on international trade. Our analysis reveals that the contemporaneous effects of sanctions on trade are large, negative, and statistically signi…cant. Additionally, we obtain negative and significant anticipatory e¤ects prior to the official imposition of sanctions, as well as negative and significant post-sanction e¤ects, which disappear gradually approximately eight years after the lifting of sanctions. Our work generates several insights related to the estimation of the impact of sanctions on trade and unveils new avenues for future work. For example, we find the strength of the negative impact of sanctions rises with the duration of the time
that sanctions are in force. Moreover, our analysis of unilateral vs. multilateral and US vs. UN
vs. EU sanctions suggest that unilateral sanctions and sanctions imposed by the US stand out
as being most e¤ective. A battery of sensitivity experiments confirms the robustness of our main
findings and conclusions.

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