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“So far, economic pressure against Russia appears to be highly effective, crimping Russian trade even in goods that haven't officially been placed under sanctions. The financial restrictions that have already been imposed have made transactions with Russia - even the purchase of oil - difficult; fears of future sanctions, plus the general sense that any Western institutions perceived as helping the Putin regime will face harsh treatment from regulators, have led to widespread self-sanctioning, cutting off even trade that is formally permitted.”
04 Mar 2022
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