The Intelligence from The Economist Bear trapped: the sanctions on Russia
Mar 7, 2022
Join Patrick Fowles, The Economist's business affairs editor, as he discusses the biting effects of economic sanctions on Russia, including potential oil embargoes. Dominic Ziegler, senior Asia correspondent, delves into Taiwan's strategic vigilance amidst rising tensions with China. Film writer John Blesdale highlights the complex legacy of Italian director Pier Paolo Pasolini, celebrating his work beyond the controversy of 'Salò.' Together, they tackle pressing geopolitical issues and cultural reflections that resonate today.
AI Snips
Chapters
Transcript
Episode notes
Impact of Sanctions on Russia
- Western sanctions devastated Russia's economy by freezing its foreign reserves and targeting key industries.
- An oil embargo is being considered, which could cripple Russia's energy exports and further hurt its economy.
Risk of Sanctions to the West
- Sanctions initially seemed cost-free for the West.
- However, an oil embargo could lead to higher prices, inflation, and economic hardship.
Long-Term Effects of Sanctions
- Sanctions may not cause immediate policy changes in Russia.
- Their effect will weaken the Russian economy over time and impact Russia's global power.