– even by traditionally neutral countries, such as Switzerland, and those such as Germany and Italy that rely on Russian gas.
Only a few years ago, Russia was a member of the G8, a group of the world’s most advanced economies, before being expelled over its invasion and takeover of Crimea. Other sanctions announced over the weekend include plans to eject several Russian banks from the SWIFT messaging system – the main global conduit for financial transaction orders – and to freeze the assets of Russian officials and elites. Last week, the Western governments introduced heavy sanctions on financial institutions including Russia’s two largest banks, Sberbank and VTB, and export controls to restrict Russian access to foreign-made technology.
“Russia accounts for only 2 per cent of the exports of even the most exposed major economies in Western Europe. What’s more, financial linkages have fallen sharply since the Crimea crisis in 2014,” she said. High on the list were aircraft, ranging from light airplanes such as small business jets, to passenger jets. Last week, after Canada cancelled all export permits to Russia, Bombardier Inc. said Russia accounts for around 6 per cent of its deliveries of private jets.
globebusiness Ok, now let’s sort out Israel/Saudi Arabia
Weird headline. Economic sanctions are intended to do the literal opposite of ‘waging a war’ — they’re intended to end the war, not start or extend it.
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