The role of financial multipliers in the context of the sanctions economy

The article is devoted to the study of the impact of financial multipliers on the economies of countries under sanctions pressure. The authors consider how fiscal and monetary multipliers contribute to maintaining economic stability with limited access to international markets and in conditions of high inflation. Using methods of econometric and comparative analysis, the study reveals differences in the economic policies of Russia, Iran and Venezuela, which makes it possible to assess the effectiveness of various approaches to economic adaptation. Special attention is paid to such factors as exchange rates, inflation and the role of the state in maintaining domestic demand, which is especially important in the context of a sanctioned economy. Sanctions have a significant impact on internal and external economic processes, weakening access to capital and reducing foreign exchange earnings, which, in turn, limits opportunities for the implementation of government programs and social initiatives. The article also examines the problems faced by fiscal and monetary multipliers under sanctions: limited access to external capital markets, instability of the banking system and high inflation risks that weaken the actions of these instruments. Despite this, financial multipliers remain important elements of macroeconomic policy, making it possible to partially compensate for the negative effects of sanctions pressure. In conditions of limited resources, States have to redistribute costs, support strategic industries and stimulate import substitution. The authors emphasize that for the successful application of financial multipliers, flexible economic management is necessary, as well as the development of a comprehensive policy that takes into account all stages of the crisis impact, which will ensure economic sustainability in the long term.