Proposed Western sanctions could almost cut Russia out of the global financial system, creating chaos for the Russian economy and impoverishing ordinary Russians, experts have warned.
The measures threatened by the US, the EU and the UK if Russia incurs further into Ukraine would be unprecedented. Previous countries that have faced similar sanctions – such as North Korea and Iran – were peripheral to the global markets in comparison to Russia.
And while the Kremlin would likely retaliate, financial and legal experts claim that putting these sanctions on the table is one of the only ways the West can change Putin’s calculus on Ukraine.
