The harsh sanctions imposed on Russia and the resulting crash of the ruble have the Kremlin scrambling to keep the country’s economy running. For Vladimir Putin, that means finding workaround…
WASHINGTON — The harsh sanctions imposed on Russia and the resulting crash of the ruble have the Kremlin scrambling to keep the country’s economy running. For Vladimir Putin, that means finding workarounds to the Western economic blockade even as his forces continue to invade Ukraine.
The U.S. and EU have levied sanctions on Russia’s biggest banks and its elite, frozen the assets of the country’s Central Bank located outside the country, and excluded its financial institutions from the SWIFT bank messaging system — but have largely allowed its oil and natural gas to continue to flow freely to the rest of the world.
However, Smith said the Chinese and others “will be driving incredibly hard bargains” now that Russia has fewer willing buyers, and China will want to avoid being subject to secondary sanctions or sanctions violations enforcement. Tyler Kustra, an assistant professor of politics at the University of Nottingham who has studied economic sanctions, said Moscow had already been adopting a “Fortress Russia economy” — producing many goods domestically even if it was easier to import them — to shield the economy from sanctions.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia-Ukraine live updates: Ukraine, Russia at Belarus border for talksLATEST: As Ukrainian and Russian delegations meet for talks, an immediate ceasefire and a “neutral status” are the key items to be discussed, officials say.
Read more »
Russia, Ukraine meet for talks; Russia shells Ukraine's second-largest city: LIVE UPDATESBelarus may join the Russian invasion of Ukraine, which entered its fifth day on Monday. Fighting in the streets has engulfed Ukraine's second-largest city, Kharkiv, and Russian troops are encircling Ukraine's capital city, Kyiv.
Read more »
Russia-Ukraine live updates: Putin puts nuclear forces on high alert; Ukraine announces talks with RussiaUkrainians held Kyiv and Kharkiv as Putin's invasion intensified, and President Volodymyr Zelensky accused Russia of attacking civilians.
Read more »
Russia-Ukraine live updates: EU announces strict actions against RussiaA massive blaze engulfed an oil depot in a small town near Kyiv, Ukraine, amid the ongoing Russian invasion of the country.
Read more »
Russia-Ukraine war live updates: Russia under war crimes investigation as peace talks stallCanadian PM Trudeau says Canada is sending antitank weapons systems and 'upgraded' ammunition to Ukraine as it fights Russia's invasion.
Read more »