As Russia escalated its aggression against Ukraine to the point of a full-scale invasion, the US and its allies imposed a series of historic and unprecedented economic sanctions.
“This is the kind of coordination we haven’t seen in a multilateral sanctions program for a long time,” said Esfandyar Batmanghelidj, CEO of Bourse & Bazaar, an economic think tank. “And the second is basically the speed, the way the sanctions were very quickly applied to Russia. The transition from a period when we talked about fairly targeted measures to mostly broad financial sanctions is remarkable and perhaps the most unprecedented aspect. sanctions programs so far.”
Russia has already overtaken Iran most sanctioned country in the world. But as the historical example of this Middle Eastern country shows, sanctions also have unforeseen consequences. What happens to ordinary citizens of Russia in the conditions of their country’s increasing isolation from the world’s financial and economic systems? Is Russia moving closer to Western adversaries such as China and Iran?
Watch the video above to see what economic moves the US and its allies have taken and what’s next as the new economic cold war continues.