Economic sanctions are a powerful tool. But will they end the war in Ukraine?

More than 30 countries, including the United States, Japan and members of the European Union, have imposed sweeping economic sanctions against Russia in response to the war in Ukraine.

The main Russian banks have been excluded from the SWIFT system, and of the $640 billion in Russian central bank foreign exchange reserves, the approximately $300 billion in reserves held or managed in dollars, euros or yen by the central banks of the aforementioned countries were frozen. The countries also decided to limit imports of Russian oil, gas and coal as much as possible and revoked Russia’s most favored nation trade status.

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