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CED’s Policy Backgrounders provide timely insights on prominent business and economic policy issues facing the nation.
Starting immediately after Russia invaded Ukraine, the United States, its partners and allies have adopted some of the strongest sanctions levied against any country, particularly one with the size of the Russian economy. While the full impact of sanctions generally takes time to develop, in this case some powerful effects on Russia – compounded by the withdrawal of many Western companies from the Russian market – have been strong and immediate. Over 40 nations, accounting for half the global GDP, are participating in sanctions targeted on Russia. But, significantly, China and India, two very large global economies, are not participating in the sanctions regime and they are abstaining from votes in the
UN critical of Russia.
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