Odd Lots This Is What Sanctions Can Do to the Russian Economy
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Mar 3, 2022 Eduardo Saravalle, a sanctions researcher, discusses the profound impacts of sanctions on the Russian economy following its invasion of Ukraine. He delves into the complexities of Europe’s dependence on Russian energy and the proactive measures businesses are taking to exit the market. The conversation also touches on historical sanctions, the role of financial infrastructures like SWIFT, and the challenges of enforcing effective sanctions without harming civilian populations. Saravalle scrutinizes the interplay between economic pressure and geopolitical dynamics.
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Key Sanctions Elements
- Aggressive sanctions against Russia's central bank signal seriousness.
- Banking sanctions, especially against VTB and Sberbank, have immediate impact.
Sanctions Policymaking
- US sanctions policymaking involves Treasury and State Departments.
- It's a trial-and-error process, building upon precedents like Iran's central bank sanctions.
The Purpose of Sanctions
- Sanctions primarily act as a bargaining tool, imposing costs to induce desired actions.
- A clear "ask" and credible "off-ramp" are crucial, but often unclear in live conflicts.