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Will The Sanctions Against Russia Work? Ukraine Says A More severe Reaction Is Required To Keep Putin “in check.”

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Will Russian sanctions work? Ukraine says a tougher response is needed to stop Putin. Analysts have questioned the effectiveness of the barrages. Ukraine Foreign Minister Dmytro Kuleba asked international allies to deliver blocking Russia from SWIFT which some analysts consider being the most severe measure

The second barrage of sanctions has  been imposed by  The U.S. and its allies against Russia following Russia’s unprecedented invasion of Ukraine.

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However, analysts have questioned the effectiveness of the barrages to which Kyiv has called for a stronger response

On Thursday President Joe Biden stated the measures would impose a “severe cost” on Russia, Britain imposed its “largest-ever” sanctions package and the European Union agreed on new sanctions to punish “a deluded autocrat creating misery for millions.”

Will The Sanctions Against Russia Work? Ukraine Says A More severe Reaction Is Required To Keep Putin "in check."

To cut off Russia’s largest banks and companies from western financial markets as well as also target the country’s technology sector and penalize those in Putin’s inner circle this move was effectively designed.

Ukraine President Volodymyr Zelenskyy appealed to the world leaders to leaders to deliver more severe economic measures and sought additional defense assistance. ““I’m not sure what game you’re playing, but if you don’t help us now, the war will come to your doorstep tomorrow if you don’t offer a strong support for Ukraine,” he warned.

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Ukraine Foreign Minister Dmytro Kuleba asked international allies to deliver blocking Russia from SWIFT which some analysts consider to be the most severe measure

“Everyone who now doubts whether Russia should be banned from SWIFT has to understand that the blood of innocent Ukrainian men, women, and children will be on their hands too,” Kuleba said through Twitter on Thursday.

“The sanctions that we have proposed on all their banks are of equal consequence, maybe more consequence than SWIFT, number one,” Biden told reporters at the White House on Thursday.

“Number two, it is always an option but right now that is not the position that the rest of Europe wishes to take,” he added.

Sanctions ‘not for deterrence’

Will The Sanctions Against Russia Work? Ukraine Says A More severe Reaction Is Required To Keep Putin "in check."

“The first thing to recognize is the point of sanctions is not to change Russia’s course of action. I think everybody realizes that that will be determined by military and geopolitical drivers,” Elliot Hentov, head of global macro policy research at State Street Global Advisors, told CNBC’s “Squawk Box Europe” on Friday.

“The second point is the sanctions; you really want to inflict pain without destabilizing the financial system broadly. The cutting out of SWIFT does not mean you shut them out of financial services or financial systems,” Hentov stated.

“There [are] two parts of the equation. One is you basically have to delink their access, shut down the corresponding banking system, exclude them from participation in the U.S. dollar system and then SWIFT is just the messaging system that sits on top of that,” he mentioned

“Both of those actions are highly destabilizing so we should expect continued volatility coming out of just simply the sanctions talk as well in the coming days.”

Do Sanctions Work Against Russia?

Will The Sanctions Against Russia Work? Ukraine Says A More severe Reaction Is Required To Keep Putin "in check."

on the basis that Moscow has spent several years piling up its foreign reserves especially Chinese yuan and gold — and reducing its dependence on external debt, some think that Russia is well-protected against punitive economic sanctions

given that, sanctions have been ineffective at deterring Russian aggression from past times.

According to analysts at Verisk Maplecroft, however, “Russia is far from invulnerable to Western retaliation.”

“That means that any full US designation of the Central Bank, and wider EU-US banking curbs, could have a sweeping impact on both the ruble and the country’s financial stability, commerce, and ultimately on household savings,” analysts at Verisk Maplecroft said.

What About Energy?

Roberto Gonzalez, a former Treasury Department deputy general counsel during the Obama administration, mentioned to  CNBC’s “Capital Connection” saying it would take some time for the sanctions imposed to harm the Russian economy.

“Whether this will be effective of course is just a matter of speculation, but it is compared to what we did in 2014 when Crimea was annexed by Russia, this is a significant step of punitive measures,” he added.

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