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THE END OF GLOBALIZATION?

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THE END OF GLOBALIZATION?


WHAT RUSSIA’S WAR IN UKRAINE MEANS FOR THE WORLD ECONOMY


BY ADAM S. POSEN

March 17, 2022
Walking by a currency exchange in Saint Petersburg, Russia, March 2022
Anton Vaganov / Reuters
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Over the last three weeks, the Russian economy has been overwhelmed by
sanctions. Soon after the Kremlin invaded Ukraine, the West began seizing the
assets of the wealthiest individuals close to Russian President Vladimir Putin,
prohibited Russian flights in its airspace, and restricted the Russian economy’s
access to imported technology. Most dramatically, the United States and its
allies froze the reserve assets of Russia’s central bank and cut Russia out of
not just the SWIFT financial payments system, but of the basic institutions of
international finance, including all foreign banks and the International
Monetary Fund. As a result


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 * ADAM POSEN is President of the Peterson Institute for International
   Economics.
 * More By Adam S. Posen

More:
World Economics Globalization Political Economy Climate Change War in Ukraine
Vladimir Putin


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