Are the Sanctions Unprecedented?

The russian economy is the eleventh largest in the world, that i think makes them pretty unprecedented. The speed with which these decisions were taken meant that there was not enough time in which to reflect on what the effects were going to be. So we are actually starting to see the beginnings of a commodity price serge that is really pretty massive. Certainly seems to be the biggest on in the last 50 or so years. And there's a very high chance, if you add this up with other things going on in the world economy right now, that we could be going into a pretty severe global recession in the next few months," he said.