Economist Podcasts Money Talks: Is the West losing its sanctions war?
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Feb 29, 2024 Juan Zarate, a former US counterterrorism official and sanctions expert, joins Nicholas Mulder, a Cornell professor and author of 'The Economic Weapon.' They dive deep into the resilience of the Russian economy despite significant sanctions amid the Ukraine conflict. The duo explores how nations evade sanctions, the moral complexities of enforcement, and the evolution of sanctions as diplomatic tools. They also discuss potential strategies for utilizing frozen Russian assets to support Ukraine and the dynamic nature of financial warfare.
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US Sanctions Dominance
- The US dominates sanctions due to its control over global trade and finance.
- This power allows for restrictions on various goods and entities, impacting Russia's military and economy.
The Role of Neutral Countries
- Neutral countries, neither sanctioned nor sanctioning, play a key role.
- These countries, with growing GDPs, often circumvent sanctions, impacting their effectiveness.
Oil Trade Dynamics
- Some countries import cheap Russian oil while exporting their own pricier oil.
- In 2022, several countries significantly increased oil imports from Russia, highlighting this trend.
