Are sanctions on Russia working?
It’s been 6 months since the West imposed sanctions on Russia for its invasion of Ukraine.
It’s been six months since the West imposed an array of sanctions on Russia after its invasion of Ukraine. Around half of Russia’s $640 billion worth of foreign exchange and gold reserves have been frozen, major Russian banks have been barred from the international financial messaging system Swift, the selling of key technology to the country has been prohibited, and the assets of some wealthy individuals have been seized. But Europe is still buying large amounts of Russian gas, a commodity it depends on to keep its citizens warm and its industries running. So, what are the main aims of the sanctions regime? Are the measures working or is Russia finding new ways around restrictions? And what does the future hold for an economy that’s increasingly cut off from major world markets?
Ritula Shah is joined by a panel of expert guests.
Producers: Rozita Riazati and Paul Schuster.
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Contributors
Chris Weafer - Founding partner of business consultancy Macro-Advisory
Oleg Itskhoki - Professor of economics at the University of California, Los Angeles
AgatheΜύDemarais - Global forecasting director at The Economist Intelligence Unit (The EIU)
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Russia's President Vladimir Putin attends a parade marking Navy Day in Saint Petersburg, Russia, July 31, 2022 - Credit: Reuters
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