The Impact of Western Sanctions on the Economies of Russia and on the Other World
With the Russian-Ukrainian war that began in February 2022, the US and EU began imposing sanctions on Moscow, which were joined by other developing countries.
The imposition of sanctions has a long history and the first imposition of sanctions dates back to the fifth century BC.
Sanctions are economic penalties imposed by one country against another country, specific companies or individuals. From the start of Putin's war in Ukraine to the present day, Western countries have imposed tough sanctions on Russia in several waves, which have shaken its economy.
The measures against the country included banning US dollar trading for Russia's two largest banks, Sberbank and VTB, and shutting down seven institutions from SWIFT. SWIFT is a global connection service that integrates financial institutions and facilitates fast and secure payments. Disconnecting Russia from SWIFT means isolating Russian banks from the Western financial system.
As a result, the value of several Russian companies trading in Russian currency and foreign exchange fell sharply.
Kremlin-linked key figures have also become the target of sanctions. Western countries confiscated their property and froze their assets.
There is no doubt that sanctions against Russia will not only change Russia's economic situation, but also affect the architecture of the world economy. It is natural that economic science will face new challenges and that underscores the particular urgency of sanction economics.
Keywords - Economic, War, Sanctions, Ukraine