Impact of sanctions on Russia on global economy Online publication date: Wed, 03-Jan-2024
by Packiaraj Thangavel; Bibhas Chandra
International Journal of Business Forecasting and Marketing Intelligence (IJBFMI), Vol. 9, No. 1, 2024
Abstract: It has been well-established that countries make significant economic benefits when they participate in free trade with one another. The world has been becoming more and more integrated lately and frictionless flow of goods, capital and human resources have been happening across the boundary. When a country gets de-coupled from global trade by economic sanctions it crumbles, to name a few - Iraq, Iran, and North Korea. However, the sanctions are effective when they are imposed on the weak whose contribution to global GDP is insignificant, whereas when it is imposed on the one who has been offering key commodities, it is likely to backfire on imposing nations too. This article highlights various macroeconomic impact of Russian incursion into Ukraine territory and the resulted economic sanctions by Western allies. We do not discuss on the justification of the war or sanctions, but simply analyse the consequences of them on global economy.
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