In an article published by Al Jazeera, Russians argued that the ‘collective punishment’ is unfair, referring to the heafty sanctions placed on the country by most of the world. Among the measures against Russia is a plan to block selected Russian banks from the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, a Belgian company that processes transactions for more than 11,000 financial institutions across the globe.
The move could have a crippling effect on the Russian economy by severely restricting business dealings with the outside world.
On Monday, the Russian rouble plunged to a record low of less than one US cent, losing more than 30 percent in value since the anti-Moscow steps where taken.
“The war itself will have a dramatic effect on the Russian and world economy. First, it is the loss of human life, both of military personnel and civilians – a long-lasting psychological impact. Although Russia has accumulated huge gold reserves, which would have let it survive previous sanctions for quite some time, now it will be used for the war machine,” said Inna Pomorina from Bath Spa University, who has signed an open letter by Russian economists condemning the war.
“Banning Russia from SWIFT as part of sanctions will be a major blow to Russian banks, as completing financial transactions will no longer be as simple for Russian businesses and for the Russian government,” she told Al Jazeera.
“Of course, sanctions will hurt ordinary people as well – they won’t be able to travel, prices will rise due to high inflation, many will lose their jobs, and international companies will stop operating in Russia.”
According to Fox News, Russia has launched the largest air assault of the invasion so far, Sen. Marco Rubio says. The Russian invasion of Ukraine stretched on into its seventh day Wednesday with a massive air assault on the second city of Kharkiv and forces moving toward the capital of Kyiv.
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