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Fortress Russia: Completely Lost in (Financial) Sanctions Warfare, A Deep Economic Crisis Is Unavoidable
Festung Russland: Völlig verloren im wirtschaftlichen Sanktionskrieg, tiefe Wirtschaftskrise unausweichlich
[journal article]
Abstract Russia has been preparing for years for measured Western economic and financial sanctions as part of its so-called Fortress Russia strategy. With the invasion of Ukraine, an unpredicted and extraordinarily broadbased spiral of sanctions has been unleashed by the Western world. Tools of economic warf... view more
Russia has been preparing for years for measured Western economic and financial sanctions as part of its so-called Fortress Russia strategy. With the invasion of Ukraine, an unpredicted and extraordinarily broadbased spiral of sanctions has been unleashed by the Western world. Tools of economic warfare - specifically the freezing of substantial public and private funds - were deployed quickly, while "private" voluntary sanctioning (company withdrawals, supply stops in non-sanctioned sectors, etc.) has been unexpectedly comprehensive. The bulk of sanctions and company withdrawals will likely remain in place for a long time. Russia's economic crisis management has so far appeared eclectic and defensive; stronger countermeasures may yet follow. In the West, a clear strategy is needed to use the hundreds of billions of dollars/euros in frozen Russia-related funds as reparations for the reconstruction of Ukraine.... view less
Classification
Economic Policy
Document language
English
Publication Year
2022
Page/Pages
p. 2-7
Journal
Russian Analytical Digest (2022) 280
Issue topic
Sanctions against Russia: Russia's war in Ukraine on Social Media
DOI
https://doi.org/10.3929/ethz-b-000538061
ISSN
1863-0421
Status
Published Version; reviewed
Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works 4.0