A research group of students from the HSE campus in St. Petersburg: Andrey Shirshov and Ekaterina Kukovenko (BP International Business, 4 d year), led by Associate Professor of the Department of Finance, Ph.D. Elizaveta Igorevna Markovskaya studied how the adaptation strategies of Russian small and medium-sized businesses, applied in response to sanctions from the United States and the European Union after the start of the special military operation, influenced the performance of firms in the short-term period.