Video Duration 24 minutes 25 seconds
From: Inside Story

Could economic sanctions on Russia hurt the rest of the world?

Warnings of steep price rises for Russian oil, gas and other commodities.

Russia’s invasion of Ukraine has triggered some of the most severe sanctions ever from the West.

They’re designed to hurt the economy and deprive President Vladimir Putin of money to pay for the war.

The rouble has fallen by a third against the United States dollar.

The US, the European Union and their allies are blocking access to Russia’s foreign cash reserves.

Some banks have been banned from the SWIFT messaging system for international transactions.

Fearful Russians have withdrawn large amounts of cash from ATMs.

Russia is a major exporter of oil, gas and grains, and the prices of those commodities are already high.

So could the sanctions further hit the cost of living for the rest of the world?

Presenter: Nick Clark

Guests:

Pavel Felgenhauer – defence and military analyst

Dan Wang – chief economist, Hang Seng Bank (China)

Jeevun Sandher – economist, King’s College London