After starting the special operation in Ukraine, every day saw new sanctions against Russia. Sanctions as an enforcement tool have been used on our country and others. Sanctions are imposed on a country’s economy when neither political pressure nor military intervention is likely to succeed. In recent years, the word “sanctions” has become a household term, along with trade wars, import phase-out, and finding new outlets.
Today, Russia is probably the highest sanctioned country globally, with more being added. For the most part, they are personal and directed towards specific individuals. The rest touch upon companies and organisations. The severity of sanctions is so significant that many experts compare them to a “financial nuclear war”.
Though those imposing the sanction claim they only affect the elite when in reality, they damage the most vulnerable segments of the population. Countries with sanctions imposed before, like Venezuela, Iran, and Iraq, prove that. Another misconception is that the lowered quality of life caused by the sanctions will drive people to protest. However, it’s more likely that the sanctions will have a uniting effect on those affected and make them hostile towards the imposers. As a result, people will become even more consolidated around their government.
What is the plausible outcome of the current economic situation? What will the long term effect of sanctions have on the world economy.