Sanctions on Russia will shake the world economy for years
The war in Ukraine will dominate the news for the foreseeable future. But while the bombings will eventually cease, the economic consequences for the world have just begun. That’s because in an era of increasing interconnectedness, economic impacts don’t stop at borders. Most attention has been focused on the immediate impacts of sanctions on Russia, and they are significant. In the past, sanctions have proven largely ineffective at punishing foreign enemies. President Barack Obama, for example, failed to use them effectively in 2014 during the last Ukrainian-Russian dispute. But this time, the actions taken against Russia were largely unprecedented, with even traditionally neutral countries like Switzerland and Sweden calling for restrictions that are “as big as they can be.
