What’s Being Done To Stop The War In Ukraine?

Thursday, 7 July 2022, 9:03 am
Press Release: Hugh Grant

Russia's invasion of Ukraine is one of the most universally disapproved of wars in the West. The degree of response is much more contentious but as it stands most countries have implemented sanctions against Russia. The U.S has implemented some of the more radical sanctions, completely restricting the import of Russian oil, restricting Russian bonds, and stopping exportation of important materials to Russia.

Still, the West at large has implemented several measures, removing Russia from SWIFT for one, stopping Russia’s international payments and banking. Also, many countries have frozen Russia's foreign reserves, equating to about half of Russia’s $630 billion.

These, along with several other smaller sanctions, are projected to contract Russia’s economy by up to 15% at the end of 2022%. Russia, in response, has taken action to protect their currency and economy at large. Increasing interest rates by 10.5%, dropping a 20% added tax on gold purchase, and forcing the transfer away from USD to rubles in several ways.

This is a sizable impact with the potential for even greater pressure on Russia if the U.K stops oil importation as they’ve pledged and the U.N continues to consider it. Sanctions like these are not without impact on the aggressing country though, the U.S is seeing historically high gas prices, in large part due to their ban on Russian oil.

The balancing act of sanctioning is not an easy one to manage. Many will want harsher responses, many will want the opposite. As time goes on it’s yet to be seen if these sanctions will persuade Russia at all, but the economic effects seen today are very real to Russian, American, and global citizens at large.

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