Sanctions pressure as an institutional factor in the transformation of the global economy and international economic relations
This article provides a theoretical justifi for sanctions pressure as a transformative institutional factor in the modern global economy and international economic relations. The subject of the study is the process of changing the institutional environment of the global economy and the patterns of interaction between actors in international economic relations under the influence of external coercion mechanisms. The methodological basis of the study is the provisions of institutional economic theory, based on a systems analysis of the processes of transformation of global economic relations and a statistical assessment of the dynamics of the redistribution of resource flows under the influence of external restrictions. The paper reveals the economic essence of sanctions as an instrument of institutional influence in the global economic system, systematizes theoretical approaches to the analysis of sanctions pressure within the framework of the theory of world economy, institutional economics, and the theory of international economic relations, identifies the main channels of influence of sanctions on international trade and international financial relations, demonstrates the transformative role of sanctions pressure in the formation of new trade and financial contours and increased fragmentation of the global economy, and also substantiates the need to adapt foreign trade and financial mechanisms of companies as a key condition for the sustainability of foreign economic activity under sanctions. The results of the study demonstrate that current sanctions pressure provokes fragmentation of the institutional architecture of the global economy, stimulates the formation of alternative payment systems and settlement mechanisms, significantly increases transaction costs of international interactions, and requires deep adaptation of foreign trade and financial mechanisms of economic entities.