Opinion
Sanctions on Russia show benefits of globalisation
Economic restrictions work when they are co-ordinated and target clear, unpardonable violations of international law.
Shiro Armstrong and Tom WestlandTrade expertWith extensive economic sanctions imposed on Russia, the United States and its allies have inflicted massive damage without firing a shot.
The foreign exchange reserves Russia accumulated with tight fiscal policy for years are frozen, leaving the central bank incapable of mounting a defence of the rouble. Much of its banking sector has been crippled after being cut out of the SWIFT payment system. Multinational corporations are rushing to exit the country.
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