Although we have not yet seen a major change in Ukraine, according to one expert, sanctions may overtake the Russian government, but they should be even tougher.
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Although restrictions have been in place since 2014, Sophie Marino, a doctoral student in the history of international relations, explains that these restrictions are less than the new restrictions. In recent weeks, representatives of the Russian Duma and Russia’s most important financial institutions have been targeted for voting in favor of an invasion of Ukraine by the central bank.
As a result, interest rates rose from just 10% to 20%; Inflation erupted; The ruble was reduced by almost 45%.
Ms. said the repercussions on the economy could take Russians to the streets.Me Marino. However, the impact of Vladimir Putin’s government censorship will be difficult to quantify.
In the long run, these sanctions could push Putin into negotiations. “The goal is for Russia to find a solution other than this war,” he explained.
“Historically, these restrictions are unlikely to lead to a major shift in policy,” he added.
Europe, a key player
Essential to its operation, the Russian energy sector is not yet targeted by Europe. “Russia is Europe’s largest energy supplier. Canada and the United States have decided to stop importing Russian oil, but the expert said it was too low. In 2019, only 3% of Canada had Russian oil.
According to him, if Europe targets the energy sector, its consequences will be catastrophic in the Russian economy.
Was Russia saved by cryptocurrency?
“Most reserves exceeding $ 600 billion are blocked abroad, so we are looking for solutions to get the funds quickly. If cryptocurrency is useful, we will try to get money from our partners in Asia and Africa, “he said.Me Marino.
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