How will the sanctions on Russia impact global trade and economy? | In Focus

Russia’s actions against Ukraine have attracted severe blowback from Western nations, especially in the form of economic sanctions. While Russia has lived with sanctions for years now, the new set of sanctions are decidedly harsher. Many Russian banks have been cut off from the SWIFT transactional system, Russia-registered flights have been banned from EU air space, and assets of the Russian central bank are being frozen, and these measures are expected to affect world trade that involves Russian goods or services. It is a truism that in the three decades following the end of the Cold War, the world has become closer, more networked and more inter-dependant – a process that’s come to be known as globalization. But now, are these sanctions about to turn the clock back? How will the West ensure that all countries – not just in Europe but also Asia, Africa and Latin America abide by the sanctions? How is this likely to impact countries that are dependant on imports from Russia or for whom Russia is a major trade partner? Guest : Arun Kumar, Malcolm S Adiseshiah Chair Professor at the Institute of Social Sciences, New Delhi Host: G. Sampath, Social Affairs Editor, The Hindu Edited by Reenu Cyriac Learn more about your ad choices. Visit megaphone.fm/adchoices