The ongoing Russo-Ukraine war has various distinctions from the battles that were fought earlier. As the world globally adopts rapid globalization so swiftly, the means and modus operandi of warships are changing. After the attack on Ukraine, Russia faced a series of sanctions by the west. The impact of western sanctions on Russia in the Ukraine crisis is a question striking the minds of everyone.
Vladimir Putin’s Strategy to sanctions on Russia
It is pertinent to mention here that the behavior of the ruler of a particular state and the nature and type of state also play a pivotal role in fabricating and shaping war strategies. Vladimir Putin, branded as an aggressor, provocative, etc., would undoubtedly strike hard at the enemy due to the nature of the state and the concentration of power in his hands. In contrast, a ruler of liberal democracy would hesitate to do so because he/she would also need the consent and approval of other stakeholders.
The Russian invasion of Ukraine has wreaked havoc upon Ukraine and left almost every segment of the society fragmented and devastated. International condemnations came pouring, but Russia is reluctant to pull out of the war front. It sees the joining of NATO by Ukraine as an imminent and existential threat to Russia’s national security and sovereignty.
Impact of sanctions on Russian Economy
Beyond the war, another conflict is going on. An economic war of sanctions is underway, with the Western countries imposing joint sanctions on Russia. The apparent objective of these sanctions is to exhaust Russia’s Military, economically, and politically. Imposing economic sanctions were seen as discarding Russian aggression. The so-called sanction war is not producing immediate and desired results, but the reality is hard to be believed.
Western countries, according to Amateur, have crippled the $1.8 trillion Russian economy with a new series of sanctions. Apart from these sanctions, almost half of the Russian currency reserves lie frozen, with most of its central banks cut off from the global payment system. A series of novel sanctions also came into play after the Russian president annexed the Four regions where Russia had held a referendum.
These sanctions resulted in the removal of Russian banks from the Swift global communications system (IFMSS). Secondly, Russia has delayed payments for its exports of oil and gas. It is pertinent to mention that 40% of Russian exports accounted for oil. This has exacerbated the woes of Russia.
Aims of sanctions on Russia
The ultimate aim of these sanctions on Russia is a question that strikes every mind. These sanctions have both short and long-term aims. The short-term aim was to trigger a wave of payment crises in Russia in order to make it hard for Putin to finance the war in Ukraine.
The long-term objective of these economic sanctions is to restrain Putin from further Arsenal buildup. It is also meant to exhaust Russia’s technological and productive capacity. The long-term objectives imply that it would be an arduous task for Vladimir Putin’s Russia to invade any country in the future. The goal of these sanctions against Russia is to stop Putin’s advocacy of war.
What do sanctions mean for U.S?
Nevertheless, the goal of these US sanctions against Russia is to establish US dominance throughout the world. The West, especially the USA, does not want to confront a gigantic empire. A styled country like Russia via military might be due to their unsuccessful and needless adventures in Iraq and Afghanistan-only to mention the most recent ones.
The west, as we know it today, holds control of technological and financial networks. This provides an opportunity for the west to exert its power through such powerful means of the 21st century’s global economy.
The Consequences of repercussions will be dire. It is estimated that many Russian consumers will miss out the western products. They will also face complete isolation from the western liberal market. This, in turn, will cause a recession in Russian economy. According to the International Monetary Fund (IMF), the Russian GDP will shrink by 6 percent at the end of 2022. The novel sanctions aim to block Russia’s access to the Hi-Tech components essential for its military sector.
Impact of sanctions on the western world
Apart from this, these western sanctions on russia in the ukraine crisis will hit the western world even more. It is because of the loopholes and grey areas within the Spectrum. Most western countries are not willing to enforce full or partial sanctions on russia. These hesitant countries account for about 40 percent of the world’s GDP. Secondly, the squeezing of supply chains on the part of Russia may trigger a recession with the Inflation rate increasing unprecedentedly.
The Biggest menace that Confronts the western world is that Russia is an autocracy which is why the Russian economy is still intact. It is also posing an existential threat to western dominance and hegemony. This clarifies things about the US-Chinese rivalry, especially the in the Indo-Pacific region. China is the biggest autocracy, and its economic resources are 10 times larger than Russia’s. Starving China through economic sanctions will be even much tricky owing to the tensions over Taiwan.
The author is a graduate of Quaid e Azam University Islamabad.