Ukrainecast

The Economic War: How Hard Are Sanctions Hitting Russia?

Mar 5, 2024

Exploring the complexities of economic sanctions on Russia post-invasion of Ukraine, including challenges in their effectiveness despite oil trade; Former Russian tycoon discusses corruption and pressure in Russia; Impact of sanctions on Putin-connected individuals and society; One individual's caution about returning to Russia amidst bravery shown by others

27:04

Creator website

Episode guests

Nataliia Shapoval

Faisal Islam

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Episode notes

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Quick takeaways

Western sanctions on Russia have not significantly impacted their economy; loopholes like oil trading diminish effectiveness.

Debates on utilizing frozen Russian assets for Ukraine's recovery persist; challenges in legalities and distribution remain.

Deep dives

Effectiveness of Western Sanctions on Russia

Western sanctions on Russia, including personal and state sanctions, have failed to effectively impact the Russian economy amidst the conflict in Ukraine. The sanctions target key Russian figures and entities, restricting trade and investment flows. However, loopholes in the sanctions, such as continuing oil and gas trade, limit their effectiveness. Suggestions for more impactful measures include designating Russia as a state sponsor of terrorism to tighten financial restrictions and reduce foreign currency access.

Introduction

2min

Assessing the Impact of Sanctions on Russia post-Invasion of Ukraine

2min

Unraveling the Web of Economic Sanctions on Russia

18min

Discussion with Former Russian Mobile Phone Tycoon on Corruption and Political Pressure in Russia

2min

The Impact of Western Sanctions on Russia

3min

Conversations on Bravery and Caution About Returning to Russia

2min

Since Russia launched its full-scale invasion of Ukraine, it has been subject to thousands of sanctions from the West - but despite this, Russia’s economy is thriving.

So how is the world’s most sanctioned country getting around them? And what does this tell us about how effective sanctions are? Nataliia Shapoval, Vice President for Policy Research at Kyiv School of Economics and the BBC’s economics editor, Faisal Islam, unpack whether sanctions against Russia are having the desired impact.

Also, we hear from a London-based Russian former billionaire who had his bank accounts frozen following the invasion.

Today’s episode is presented by Victoria Derbyshire and Vitaly Shevchenko. It was made by Keiligh Baker. The producers were Arsenii Sokolov, Cordelia Hemming and Ivana Davidovic. The technical producer was Ricardo McCarthy. The series producer is Tim Walklate. The senior news editor is Sam Bonham. Email Ukrainecast@bbc.co.uk with your questions and comments. You can also send us a message or voice note via WhatsApp, Signal or Telegram to +44 330 1239480.

You can join the Ukrainecast discussion on Newscast’s Discord server here: tinyurl.com/ukrainecastdiscord

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Ukrainecast

The Economic War: How Hard Are Sanctions Hitting Russia?

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Effectiveness of Western Sanctions on Russia

Utilization of Frozen Russian Assets for Ukraine

Resistance to Russian Economic Sanctions

Remember Everything You Learn from Podcasts