Will Sanctioning Russia Fuel Financial Contagion?
The unprecedented sanctions imposed on Russia have exacerbated global economic uncertainty and potentially derailed the post-pandemic recovery. The world, still grappling with the fallout from the US-China trade war and COVID-19, now faces its third policy-induced economic crisis in quick succession.
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CAIRO – The unprecedented sanctions imposed on Russia – which some have dubbed economic weapons of mass destruction – have globalized the Ukraine crisis, exacerbating market uncertainty and potentially derailing the post-pandemic recovery. Across Europe and elsewhere, growth forecasts for 2022 have been revised down sharply.