Weak links in finance and supply chains are easily weaponized


A sign in Moscow displays currency exchange rates. Unpredictable economic consequences followed Russia’s invasion of Ukraine in February.Credit: Andrey Rudakov/Bloomberg via Getty

When Russia invaded Ukraine on 24 February, nobody expected that the United States, the European Union, the United Kingdom, Japan, Canada and other nations would isolate Russia from the global economy in retaliation. Instead of limited and largely symbolic sanctions, which were all Russia faced when it annexed Crimea and occupied eastern parts of Ukraine in 2014, this latest response has had devastating ripple effects.

Key Russian banks have been denied access to the US dollar, foreign

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