Can Russia Bypass Economic Sanctions?

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Severe economic sanctions have been imposed on Russia for its invasion of Ukraine. Is there a way for Russia can escape them?

  • The US and EU have announced a series of economic sanctions against Russia in response to the invasion of Ukraine. Excluding some Russian banks from the SWIFT system is one of them.
  • Since these sanctions, Russia’s stock markets have crashed, the Russian Rouble has hit record lows against the dollar, and Russia’s central bank lost access to 60% of its foreign exchange reserves.
  • There is speculation that Russia may switch to using cryptocurrency to bypass the economic sanctions. But experts say that won't be easy.
  • Japan and the West are also ensuring digital and crypto assets do not become a loophole for Russians to bypass economic sanctions. But this task is difficult due to the nature of crypto transactions.
  • Even though Chinese experts are hinting that Russia’s isolation could be a boost to its own Digital Yuan ambitions and its SWIFT alternative, the reality on the ground is different.
  • The economic sanctions against Russia are also having global repercussions on oil and energy prices. They are also contributing to supply chain disruptions.
The Guardian
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4 articles on this topic

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