Russian Sanction’s on the Global Display

 
Cassie Lawler
International Politics: POLS 170-03
Professor Shirk

Due: Wednesday, March 2, 2022


Blog Post #2

Russian Sanction’s on the Global Display

The geopolitical landscape of society today is constantly evolving and since the onset of Russia’s war with Ukraine increasingly more complexities have arisen, making the situation even more convoluted, and a timely solution even more implausible. On February 24, 2022, Russian President Vladimir Putin set into motion a comprehensive invasion into Ukraine on the basis that Russia would be able to reclaim territory within the Soviet Union’s boundaries from before the Cold War. Violence, chaos, and bloodshed have since ensued. However, countries around the world have shown support for Ukraine, by way of sending military aid to Kyiv, weapons, and putting an abundance of sanctions against the state. These sanctions have done near the maximum amount of damage to Russia’s economy and indisputably have the potential to tear down the nation’s society.

Both the European Union and the United States imposed restrictive sanctions on Russian assets and Washington went even further to announce that they would impose “wide restrictions on semiconductors, telecommunication, encryption security, lasers, sensors, navigation, avionics and maritime technologies.” The United States announced it is sanctioning Russia’s central bank, by preventing it from using $630 billion in foreign reserves to cushion its economy and mitigate the fallout. Moreover, Switzerland, a nation with the oldest policy of neutrality, even stated they would adopt all the sanctions that the EU imposed on Russia and freeze their assets. These sanctions have had a discernible impact on the Russian economy so far in many realms of society.

In the West, Russian currency has been directly affected, as the value of the ruble has nosedived to less than once cent. Duly, the interest rates in Russia have skyrocketed without backing from their foreign reserves that would typically buttress the ruble. With banks in short supply of currency among other factors, Russia’s stock market began to falter and within days froze. Nations in support of Ukraine have even closed off their airspace from Russian planes. Prices across the board have been increasing and panic has set in for Russian citizens.

The collection of sanctions currently levied against Russia’s economy has become detrimental to its society. It would be justified to say that they are unprecedented against an economy of this size and restrictions of this scale. The effect on the US and the global economy is unpredictable as of now but due to the large amount of imports Europe takes from Russia, natural gas being one of them, and spring coming up, it is unknown if trade will continue or if Europe will be unable to meet the demand.









Works Cited

Cohen, Patricia. “Within Days, Russia's War on Ukraine Squeezes the Global Economy.” The New York Times, The New York Times, 1 Mar. 2022, https://www.nytimes.com/2022/03/01/business/economy/russia-ukraine-sanctions-economy.html.

Kirby, Jen, and Jonathan Guyer. “The Increasingly Complicated Russia-Ukraine Crisis, Explained.” Vox, Vox, 9 Feb. 2022, https://www.vox.com/22917719/russia-ukraine-invasion-border-crisis-nato-explained.

Selyukh, Alina. “How Everyday Russians Are Feeling the Impact from Sanctions.” NPR, NPR, 2 Mar. 2022, https://www.npr.org/2022/03/02/1083694848/sanctions-russia-ukraine-economy-war.

Comments

  1. Jack CahalaneMarch 2, 2022 at 8:52 PM

    Cassie this was a very thorough and informative post. I think that you did a really good job of highlighting what the European Union along with the United States of America is doing to dismantle President Putin's regime. I think that these sanctions placed on Russia are an important step towards supporting Ukraine and averting further crisis committed by Russia. I'm very concerned and interested to see what will unfold in the future yet it is my hope that these steps will be effective in aiding Ukraine.

    ReplyDelete
  2. BlakeMarch 6, 2022 at 3:45 PM

    This post is very interesting and it does a great job of addressing multiple areas of the conflict. You get into great detail when talking about how Russia is being affected economically and how other states are helping that by inposing restrictions.

    ReplyDelete

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