The crisis demonstrates the contradictions of Western countries’ attempts to punish Russia without damaging their own economies.
and potential counter moves by Russia can only intensify extreme volatility in the energy market – with unpredictable effects.imports of natural gas. Tremors in any one market will still reverberate globally, particularly in an era of enormous geopolitical tension.
Some European governments have previously been reluctant to isolate Russia from SWIFT because it would complicate payments to Russia for European energy supplies – further destabilising the energy market – while leaving European banks vulnerable to collecting the money they had advanced to Russian companies.
The general idea is to prevent Russia’s central bank selling its foreign assets to prop up the Russian currency and banks and firms hit by sanctions, effectively freezing a large part of Russia’s reserves abroad.According to the President of the European Commission, Ursula von der Leyen, these moves will “paralyse the assets of Russia’s central bank” and harm the ability of other Russian banks to operate globally.
And despite the building financial pressures on Russia and the longer-term implications for the stability of
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