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Title: THE GLOBAL ECONOMIC IMPACT OF SANCTIONS AGAINST RUSSIA
Description: Since the beginning of the war, western countries have showed by support to the Ukrainian people by putting sanctions on Russia which has caused a retaliation from Russia. Due to this , the global economy has suffered.
Description: Since the beginning of the war, western countries have showed by support to the Ukrainian people by putting sanctions on Russia which has caused a retaliation from Russia. Due to this , the global economy has suffered.
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THE GLOBAL ECONOMIC IMPACT OF SANCTIONS AGAINST RUSSIA
The Russian invasion of Ukraine triggered a global economic response without precedent in
terms of its speed, scale, and scope
...
In 1990, just months after the fall of the Berlin Wall, Russia's first McDonald's opened in
Moscow, a sign that the nation was joining the global economy
...
The first move was made by Western governments when they targeted Russia's banking
system by blocking the Russian Central Bank from selling its foreign currency reserves
...
Prices for Russia's
most important exports, like natural gas, nickel and wheat shot up to record highs
...
Additional sanctions included blacklisting Russia's biggest banks from the global financial
system, legislation to freeze Russian oligarch wealth abroad and export restrictions for certain
technologies
...
Some Western companies decided to suspend operations in Russia, while others decided to
pull out entirely
...
There is also bank runs as those with deposits in foreign currency rush to take it out or
convert their rubbles to dollars to protect the value of their savings
...
The country's dollar-denominated sovereign bonds were
quoted at around 17 cents on the dollar on March 2nd, down from 95 cents the previous
week
...
In March alone, the price for brent crude oil hit a record high
...
Russia produces 11% of global oil and possesses 25% of the world's natural
gas reserves, so cutting those resources off from the global economy is unlikely to happen
overnight
...
Russia's also the world's largest exporter of wheat, a major exporter of coal and one of the top
producers of metals and fertilizer
...
Historically, they have rarely forced the targeted country to change its behaviour
...
Putin could flatten Ukraine through aerial bombardment and then sanctions
would have meant nothing
...
For example, the sanctions or oil embargo against Japan pushed the Japanese
regime into a corner and led them to respond militarily
...
However,
it is not clear that six months from now after a period of very painfully high prices and
perhaps weaker economic growth if the extraordinary support across the west for these
sanctions and for Ukrainian people will still be there
Title: THE GLOBAL ECONOMIC IMPACT OF SANCTIONS AGAINST RUSSIA
Description: Since the beginning of the war, western countries have showed by support to the Ukrainian people by putting sanctions on Russia which has caused a retaliation from Russia. Due to this , the global economy has suffered.
Description: Since the beginning of the war, western countries have showed by support to the Ukrainian people by putting sanctions on Russia which has caused a retaliation from Russia. Due to this , the global economy has suffered.