![]() ![]() ![]() This means Russian individuals and businesses will not be able to access any foreign bank accounts that they have. has frozen the assets of the Russian central bank in Western jurisdictions – an unexpected move – and excluded most Russian banks from the SWIFT bank clearing system, which processes trillions of dollars’ worth of transactions every day.ĪBC: “Putin, Russia’s economy under pressure as sanctions take hold” Just days into the conflict, we are seeing images of long lines of Russians attempting to get cash out of bank ATMs. Whereas the sanctions that the West imposed after the annexation of Crimea in 2014 were generally quite ineffective – at best slowing Russian gross domestic product growth by 1% a year – this time they appear to be having an immediate impact. The daily life of ordinary Russians – not just the country’s political elite or super rich oligarchs – is already being impacted by economic measures imposed by the international community in response to the invasion of Ukraine.Īs a scholar of Russia’s political economy, I was surprised by the speed and severity of the Western economic response to the invasion of Ukraine. ![]()
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