The West is serious about Russian sanctions and is cutting off the country’s biggest banks from large parts of global finance. If sanctions have to go further, Europe must lead the way, even though massively restricting energy and commodities trade will hurt its economy as well as Russia’s.
The U.S. on Thursday launched major restrictions on Russia’s biggest banks’ ability to make or receive payments in dollars for almost anyting apart from energy, food and medicines. The exemptions are meant to limit the pain felt outside of Russia in western economies, which are already suffering rising prices. These sanctions add to bans on Russia’s government, banks and companies from raising funding or buying and selling securities in most western financial markets.
Source link
