# S9 Ep17: Sanctions and financial repression

Page: https://stenobird.com/podcast/voxtalks-economics-504930/s9-ep17-sanctions-and-financial-repression
Text version: https://stenobird.com/podcast/voxtalks-economics-504930/s9-ep17-sanctions-and-financial-repression.md
Podcast: [VoxTalks Economics](https://stenobird.com/podcast/voxtalks-economics-504930)
Published: 2026-03-06T11:00:00+00:00
Episode link: https://audioboom.com/posts/8870427
Audio file: https://audioboom.com/posts/8870427.mp3?modified=1772794196&sid=4966228&source=rss
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JSON: https://stenobird.com/v1/public/podcasts/voxtalks-economics-504930/episodes/s9-ep17-sanctions-and-financial-repression
Duration seconds: 1085

## Resource

Financial repression forces banks and citizens to hold government debt on terms the market would never accept. Economists have called it distortionary for fifty years. It never went away. Oleg Itskhoki and Dmitry Mukhin study what happens when a government runs out of options. Their paper traces how Russia deployed financial repression in 2022 to survive the largest sanctions package in postwar history. The ruble was in freefall; banning cash withdrawals and forcing exporters to hand over foreign currency revenues stopped the crisis. The measures worked because Russia kept earning export income, and the sanctions never closed that tap. But with government debt in advanced economies now at historic highs, financial repression is no longer confined to authoritarian regimes under siege. It is a path of least resistance for a government that would rather suppress the symptoms of unsustainable debt than carry out the fiscal reforms needed to fix it. The research behind this episode: Itskhoki, Oleg, and Dmitry Mukhin. 2026. "Sanctions, Capital Outflows, and Financial Repression." Economic Policy: Papers on European and Global Issues . To cite this episode: Phillips, Tim. 2026. "Sanctions, Capital Outflows, and Financial Repression." Economic Policy: Papers on European and Global Issues (podcast). Assign this as extra listening. The citation above is formatted and ready for a reading list or VLE. About the guests Oleg Itskhoki is a professor of economics at Harvard University. His research spanning international macroeconomics, exchange rates, capital flows, and financial frictions has reshaped how economists think about currency crises and the limits of open-economy models. He received the John Bates Clark Medal from the American Economic Association in 2022. Research cited…

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