Nicholas Mulder

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Sanctions Against Russia Ignore the Economic Challenges Facing Ukraine

Europa,

​​In December 2021, President Biden warned President Vladimir Putin of Russia that any incursion into Ukrainian territory would entail “economic consequences like none he has ever seen”. America and its European allies followed through on this threat with the largest scale economic sanctions effort in recent history.

One year later, the Russian economy has weathered the shock much better than expected.

In March 2022, the Institute of International Finance forecast that the Russian economy would contract by 15 percent by year’s end. Yet, over the last year, the Russian economy appears to have shrunk by a considerably lower amount, slightly more than 3 percent.…  Seguir leyendo »

The Toll of Economic War

InternacionalEconomíaEuropa, , ,

The Russian-Ukrainian war of 2022 is not just a major geopolitical event but also a geoeconomic turning point. Western sanctions are the toughest measures ever imposed against a state of Russia’s size and power. In the space of less than three weeks, the United States and its allies have cut major Russian banks off from the global financial system; blocked the export of high-tech components in unison with Asian allies; seized the overseas assets of hundreds of wealthy oligarchs; revoked trade treaties with Moscow; banned Russian airlines from North Atlantic airspace: restricted Russian oil sales to the United States and United Kingdom; blocked all foreign investment in the Russian economy from their jurisdiction; and frozen $403 billion out of the $630 billion in foreign assets of the Central Bank of Russia.…  Seguir leyendo »