It was the profit extractors that won the cold war.
https://en.wikipedia.org/wiki/Foreign_debt_of_the_Socialist_...
Our government had taken IMF loans with the goal of expanding industry to sell products to the West. We did, then we were prevented from selling finished products to many countries. Some of the production was redirected internally and towards trade with other socialist countries, but the loan denominated in dollars remained.
Then the IMF demanded we pay back the loan early, while mostly only allowing us to export food. Today this would be called sanctions. This was a tactic to intentionally create scarcity of food in the country, which coupled with constant propaganda (especially from Radio Free Europe) and arming and funding local fascists (including the famous snipers shooting into crowds), culminated in a bloody coup in '89. Similar tactics have been used by NATO powers against other countries.
Romanian leadership took a lot of loans from the West and spend the money on large industrial projects with Western technology which was either obsolete or becoming obsolete (Dacia-Renault, Olcit-Cytroen, CANDU for the nuclear energy, Rombac-British Aircracft, etc...)
This was a huge bet that did not work - but it was all done by Romanian Leadership. The West did not ask Romania to borrow, Romania asked to borrow. When the bills came due at the end of 1970s Romania asked to roll over their debt. Unfortunately for Romania at the same time US FED (Volcker) was raising the interest rates sharply to combat inflation. So rolling over the debt was very expensive. This was not economic sanctions aimed at Romania - this happened to every borrower that had USD debts (including regular people in the US).
Romania choose to pay the debts and the only way to get USD was to sell resources - because the industrial products were obsolete and nobody in the West wanted to buy. So Romania sold food and whatever oil they still had and whatever steel they still had. For the Romanian people that meant food shortages, heat shortages, electricity shortages...
This was done by Romanian leadership. It was not economic sanctions from the West.