In a series of unparalleled sanctions, the U.S. and its allies have declared financial war on Russia. What really is a sanction and what are the consequences of placing one on the largest country in the world? These are the questions to consider.
Sanctions are economic penalties against a person or country and they may be used as punishment or to disincentivize certain actions. Sanctions include travel bans, import/export controls, trade embargos, asset seizures as well as capital controls. They are a nonviolent option that have the power to impact geopolitical events. They also have the ability to extend past physical boundaries as they are applicable beyond the enforcing nation’s borders.
If sanctions continue, projections estimate Russia’s economy will contract up to 15% in 2022. Read in the infographic below to learn more about sanctions placed on Russia and the consequences it may have on already soaring consumer prices.