Russia’s war on Ukraine is shaping up to be one of the most influential events of recent years. It’s an event that is strongly looked down upon by the western world at large. Instead of sending troops to Ukraine or instigating, most countries have instead opted to sanction Russia.
These sanctions range in level of severity. The U.S has opted to completely deny any oil import from Russia, a harsh decision when considering that Russia is the second largest producer of crude oil globally.
Meanwhile most western countries have come together to remove Russia from international banking and freeze Russia’s international reserves. This is evidently bad for Russia, but especially so when considering that half of all international trade is done in USD.
This all together is projected to lead to a 15% contraction in the Russian economy. Effectively sending the statement of disapproval over the war. These sanctions hurt the world at large though. The U.S currently experiencing historically high average gas prices and a declining stock market while the world experiences rising gold value and potential grain prices.
Overall the West is sanctioning Russia to slow their economy, and this seems to be having an effect. War isn’t built on building a prosperous world though, inflation is rising and sanctions are known to hurt average citizens more than the targeted countries. Although when the alternative is an all out world war, the option becomes far more desirable.