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CED’s Policy Backgrounders provide timely insights on prominent business and economic policy issues facing the nation.
Before the war began, the President and other G-7 leaders threatened Russia that in the event of an invasion, Russia would be faced with an unprecedented level of escalating sanctions. Indeed, the package of sanctions that Western nations have collectively imposed on Russia is one of the most comprehensive ever adopted. The United States, European Union, United Kingdom, and other countries have deepened, revised, and extended sanctions frequently throughout the conflict and remain poised to do so again. However, certain sectors of the economy – notably, trade in agriculture and in some consumer goods – are exempt from sanctions. 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 – were strong and immediate. Over 40 nations, accounting for half global GDP, are participating in sanctions targeted on Russia. Significantly, however, China and India are not participating in the sanctions regime.
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