Sanctions are blowing holes in the Russian economy. World powers led by the US have imposed curbs ranging from an overseas asset freeze on the Russian central bank to a ban on buying sparkling wine from a bottler in the Crimea.
In response, the rouble has dropped at least 30 per cent against the dollar, bond default risk has spiked and the Moscow stock exchange has closed to forestall panic selling.
The barbaric invasion of Ukraine fully justifies economic warfare against Russia. Financial sanctions are sometimes dismissed as token gestures. In this case, they are doing real damage and could trigger a recession.
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