Do economic sanctions work as a deterrent?
The economic sanctions imposed by the US, UK, and the EU on Russia for going to war against Ukraine could prove to be detrimental to the country. These sanctions can range from export restrictions to trade embargos and seizure of assets. Mint explains.
What do economic sanctions mean?
Economic sanctions are penalties or bans that are levied against a country to push it to modify its strategic decisions. They include withdrawal of customary trade and financial relations for security and foreign policy purposes. Sanctions could result in cutting economic ties in every respect such as terms of trade, financial assistance, transit support, travel bans, asset freezes, and trade restrictions. The curbs could also be targeted, thus restricting transactions with certain businesses, groups, or individuals. Amid increased global and economic interdependence, they could prove to be detrimental…
