Russia- Ukraine Crisis: To prevent Russia from moving forward, some countries including America have imposed economic sanctions on it. Even earlier, when Russia occupied Crimea, there were also sanctions. In such a situation, the question is arising whether this strategy of ban will be successful this time?
Ukraine has declared a national emergency amid growing fears of war and asked its citizens to leave Russia as soon as possible. At the same time, Russia has announced to call its diplomats from Ukraine. Western countries including America are resorting to sanctions (European Sanctions) to stop Russia. The US and UK have imposed tough economic sanctions on Moscow and many new sanctions may also be imposed in the coming days. But the question is, will this formula work on stubborn Russia?
Crimea is still occupied
After Russia’s annexation of Ukraine’s Crimea in 2014, many Western countries, including the US, condemned Russia and imposed economic sanctions, but Russia still controls Crimea. Russia’s economy has come out of the recession of that era and has started growing again. President Vladimir Putin also knows very well that in the event of an attack on Ukraine, the country will have to suffer economic losses, but despite this, he does not seem to be backing down.
economy was affected
According to the report of ‘New York Times’, the sanctions imposed on Russia in 2014 had some effect on Russia. Because of this, foreign loans to Russian banks became difficult and Western companies were banned from working with Russian oil companies. Russia’s economy continued to shrink until the summer of 2016. The value of the ruble fell in global markets, raising the cost of many goods for companies and consumers. President Putin was also not untouched by this effect. His approval rating was 80 percent after the annexation of Crimea, which rose to 60 in subsequent years.
strict ban needed
The report quoted experts as saying that strict sanctions are needed for the sanctions to have a large-scale effect and the US itself is confused about imposing such sanctions. International relations experts, such as Edward Fishman and Chris Miller, believe that the US and Europe will also have to bear some of the burden for Russia to really hurt, and Western countries seem unprepared.
US to adopt Iran policy
Experts say that America should adopt the policy of Iran. Despite the potential impact on world oil markets and the loss of living standards for Iranians, the US imposed tough sanctions. These sanctions allowed Iran to be brought to the negotiating table for a nuclear program. In Russia’s case, a more aggressive set of sanctions could begin with a refusal to buy Russian oil, which is Russia’s biggest source of revenue. If this happens, Putin can be forced to think to some extent.
Russia sitting on a pile of cash
Some experts believe that Russia is currently sitting on a pile of excess cash. In such a situation, the effect of any level of restriction on him may not be much. Along with this, America would not like to impose any such sanctions on Russia, which will have an effect on Ukraine because Ukraine’s economy is already in disarray. China is also with Russia in this dispute and it cannot be ignored. Now it remains to be seen whether the sanctions of Western countries can stop Russia from moving forward?