Could sanctions against Putin cripple the global economy?
15 March 2022 | 5:28 am
Putin‘s war on Ukraine is having a devastating economic impact. Countries across Europe face spiralling prices and shrinking markets. Our guests: Katja Gloger (Russia expert), Vendeline von Wedekind (The Economist), Vladimir Esipov (DW)
Russia's top banks, technology and aerospace industries, and debt markets are targeted by the United States, Britain and the European Union in response to the invastion of Ukraine. But the West remains divided on excluding Russia from the SWIFT interbank transfer system.
As aggressive sanctions hit Russia over the war in Ukraine, a growing number of Western firms are cutting ties with the country. While ordinary Russians stand to be hit hard, the EU has also imposed more targeted measures at business elites. We take a closer look.
Georgian President Salome Zourabichvili reacted to the ongoing Russian invasion of Ukraine. The Georgian leader said she was "not too convinced" by Russian President Vladimir Putin's assurances that he is willing to stop attacks on civilians and civilian infrastructure in Ukraine. Zourabichvili added that the only party that is escalating the war in Ukraine is Putin himself.
Latvian Foreign Minister Edgars Rinkēvičs told FRANCE 24 in an interview from the Latvian capital Riga on Tuesday that Russian President Vladimir Putin is seeking to install a puppet regime in Kyiv. But, Rinkevics said, he believes such a plan "will fail", as the Kremlin doesn’t have the military capacity to occupy Ukraine and "winning over the minds of Ukrainians after what the Russians are doing is almost impossible".
The US president's State of the Union address comes amid Russia's invasion of Ukraine. He said "freedom will always overcome tyranny" and that Vladimir Putin's attack was "premeditated and unprovoked."
The US, EU and their allies have been announcing measures designed to isolate and weaken the Russian economy. Since 2014, Vladimir Putin has been taking pre-emptive steps to protect the economy from future sanctions. But Brian O'Toole, a former US Treasury official and senior fellow at the Atlantic Council, says that in the face of Western sanctions, "Fortress Russia is gone."
With the city of Kharkiv devastated and Kyiv braced for attack by an approaching Russian convoy, we are asking whether the US has made the right calls on Ukraine. The message of Biden's State of the Union address was one of solidarity with President Volodymyr Zelensky. But seen from Kyiv, will this feel like enough?
Exiled Russian Kremlin critic Mikhail Khodorkovsky said in an interview with FRANCE 24 from London that the Russian invasion of Ukraine is political "suicide" for Russian President Vladimir Putin, who "cannot win in Ukraine, even if he manages to take Kyiv or Kharkiv". This war is the result of an "emotional decision" by Putin, the former oligarch said.
Western sanctions imposed on Russia as a reaction to its invasion of Ukraine are beginning to bite. Everybody is likely to be affected, but some economic sectors will be hit harder than others.
Solidarity for Ukraine was front and centre during US President Joe Biden's State of the Union address this week. Biden reiterated that American troops will not fight in Ukraine, but warned that NATO territory would be defended. He also announced that US airspace would be closed to Russian planes and warned oligarchs that their assets would be seized. To find out more about the effectiveness of such sanctions, we speak to Daniel Tannebaum, who's Global Head of Sanctions at Oliver Wyman and a former compliance officer with the Office of Foreign Assets Control at the US Treasury Department.
Russia is facing a raft of financial sanctions after it invaded Ukraine. But it's spent years building up its economy to protect against such measures. We take a closer look at Vladimir Putin's fortress economy with Alistair Milne, Professor of Financial Economics at Loughborough University.
Russia's wealthiest men have lost some $80 billion in wealth since Vladimir Putin launched his war on Ukraine. This may be only the beginning, as Western powers seek to identify and seize their hidden assets. Also, markets tumble amid fears of intense fighting around Europe's largest nuclear plant, located in the south of Ukraine, and spiking commodity prices threaten already battered supply chains.
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