{"id":11536,"date":"2022-03-21T14:00:49","date_gmt":"2022-03-21T18:00:49","guid":{"rendered":"https:\/\/blogs.shu.edu\/thediplomaticenvoy\/?p=11536"},"modified":"2022-03-21T11:59:16","modified_gmt":"2022-03-21T15:59:16","slug":"focus-on-ukraine-global-sanctions","status":"publish","type":"post","link":"https:\/\/blogs.shu.edu\/thediplomaticenvoy\/2022\/03\/21\/focus-on-ukraine-global-sanctions\/","title":{"rendered":"FOCUS on Ukraine: Global Sanctions"},"content":{"rendered":"

Joshua Powanda
\n<\/b>Staff Writer<\/i><\/b><\/p>\n

Although the United States and its European allies have so far avoided direct military contact with the Russian armed forces, they have engaged in a different kind of warfare. Economic warfare has been employed to deter further Russian aggression in Ukraine and punish the regime for its illegal territorial expansion.<\/span><\/p>\n

Following the various phases of the Russian invasion, the international community has imposed substantial short-term and long-term sanctions. <\/span>Al Jazeera<\/span><\/a> explains the first measures came swiftly after President Vladimir Putin announced the independence of Ukraine\u2019s breakaway Donetsk and Luhansk regions and deployed Russian forces to the territories.\u00a0<\/span><\/p>\n

Western countries and other allies throughout the world introduced sanctions against several Russian banks, oligarchs, and other wealthy individuals. Additionally, Germany halted the Nord Stream 2 gas pipeline project, a major blow to Russian energy output and revenue.<\/span><\/p>\n

Although these initial measures inflicted a significant dent on the Russian economy, the real damage came after Putin launched an all-out assault on the entire Ukrainian homeland. In the days following the full-scale invasion, President Biden announced the U.S. was freezing all Russian central bank assets in the U.S. This would prevent Putin from using foreign reserves to counter economic downfall and continue to finance the war.\u00a0<\/span><\/p>\n

CNN<\/span><\/a> reports that the Biden Administration also sanctioned several more Russian banks, as well as Russia\u2019s technology and aerospace sectors. These restrictions highlight the long-term consequences of the sanctions as the U.S. seeks to prevent Moscow\u2019s ability to modernize technology and weapons industries.<\/span><\/p>\n

Additionally, the U.S. blacklisted Vladimir Putin himself, along with Foreign Minister Sergei Lavrov and several Russian oligarchs. The direct targeting of Putin and his inner circle is something the West has previously only done on a limited scale.\u00a0<\/span><\/p>\n

According to an additional report from <\/span>Al Jazeera<\/span><\/a>, this move was coupled with sweeping sanctions from the European Union, Japan, Australia, New Zealand, and South Korea. Switzerland has also joined in sanctioning Russia,\u00a0 which is notable because of the country\u2019s past neutrality in European conflicts.\u00a0<\/span><\/p>\n

In coordination with the U.S., <\/span>the European Commission, France, Germany, Italy, the United Kingdom, and Canada announced that they would expel certain\u00a0<\/span>Russian<\/span><\/a>\u00a0banks from <\/span>the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a Belgian-based international transaction system used by banks. The move was meant to restrict those banks\u2019 ability to move money around the world and slow Russian transactions.\u00a0<\/span><\/p>\n

Experts say the slew of sanctions imposed on Russia will have serious short and long-term consequences. According to <\/span>CFR<\/span><\/a>, the likely result of this coordinated economic warfare is \u201cwidespread economic pain in Russia, including rapid inflation and a further decline of living standards.\u201d\u00a0<\/span><\/p>\n

There are already signs that the sanctions are beginning to take hold. The Russian central bank has doubled its interest rate to 20 percent to strengthen the declining value of the ruble.<\/span><\/p>\n

The reasoning behind many of these measures is to put enough pressure on the Russian President and the country\u2019s elites to force a behavior change. Despite this, such a change will likely not take place. Not only has Putin become accustomed to living under sanctions\u2014albeit not to this degree\u2014Russia is still receiving large amounts of revenue from its crucial energy exports.\u00a0<\/span><\/p>\n

Europe\u2019s reliance on Russian natural gas, oil, and coal as a primary energy source means that it is difficult to completely ban such imports. <\/span>Reuters<\/span><\/a> reports that the EU imports up to 40% of its natural gas from Russia.\u00a0<\/span><\/p>\n

While European countries have pledged to gradually phase out Russian energy from their economies, the United States has taken unilateral action to immediately ban all imports of Russian oil, gas, and other energy. <\/span>The Wall Street Journal<\/span><\/a> reports that this move was possible because the U.S. imports only about 8% of its oil and gas from Russia, a reality that is strikingly different from Europe.\u00a0<\/span><\/p>\n

It remains to be seen what economic move the Biden Administration will make next. Up to this point in the conflict, however, it seems Vladimir Putin is determined to carry out his territorial expansionist goals in Ukraine, despite the cost to the Russian economy and the livelihoods of the Russian people, who are perhaps paying the greatest price for their president\u2019s tyranny.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Although the United States and its European allies have so far avoided direct military contact with the Russian armed forces, they have engaged in a different kind of warfare. Economic warfare has been employed to deter further Russian aggression in Ukraine and punish the regime for its illegal territorial expansion.<\/p>\n","protected":false},"author":4901,"featured_media":11506,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2332,1365,5,2333,2313,1334],"tags":[400,401,442,475,910,927,1446,2335],"class_list":["post-11536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-march-2022","category-eastern-europe","category-focus","category-ukraine","category-2313","category-conflict_and_security","tag-ukraine","tag-russia","tag-u-s","tag-sanctions","tag-security","tag-putin","tag-conflict","tag-zelensky"],"yoast_head":"\nFOCUS on Ukraine: Global Sanctions - The Diplomatic Envoy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.shu.edu\/thediplomaticenvoy\/2022\/03\/21\/focus-on-ukraine-global-sanctions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FOCUS on Ukraine: Global Sanctions - The Diplomatic Envoy\" \/>\n<meta property=\"og:description\" content=\"Although the United States and its European allies have so far avoided direct military contact with the Russian armed forces, they have engaged in a different kind of warfare. 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