Effects of sanctions imposed by Western countries on Russia

Share with Your Friends

Effects of sanctions imposed by Western countries on Russia

Due to the recent Russia-Ukraine crisis, many western countries including USA, European Union, United Kingdom have imposed a lot of sanctions on Russia.

Effects of these sanctions:

  • Impact on Russia: This has led to a situation of a bank run. Russian citizens queue up at banks to withdraw their deposits in the form of ruble and convert it into a safe currency (like the US dollar).
  • Impact on India: India is neither a member of NATO nor of the European Union. The sanctions imposed, therefore, are not binding on India. However, India’s potash fertilizer requirement is entirely dependent on imports from Belarus and Russia. Supply chain disruptions may disrupt the availability of potash.
  • Impact on the World: About 90% of the global supply of neon used in chip lithography comes from Russia and Ukraine. Russia and Ukraine account for 30% of the global supply of titanium used in the aerospace and armament industries.

Potential Geopolitical Impact of Recent Events:

  • Western countries will unite and the North Atlantic Treaty Organization (NATO) will be reactivated.
  • The Cold War-like situation of the 1950s could re-emerge. It will consist of the Eastern Bloc led by Russia on one side, and the Western countries and their allies on the other.

Bank run: This situation arises when a large number of depositors start withdrawing their money from banks simultaneously in the apprehension of bankruptcy of the financial institution.

Source – The Hindu

Download Our App

MORE CURRENT AFFAIRS

Click to Join Our Current Affairs WhatsApp Group

Join Our Whatsapp Group For Daily, Weekly, Monthly Current Affairs Compilation & Daily Mains Answer Writing Test & Current Affairs MCQ

In Our Current Affairs WhatsApp Group you will get daily Mains Answer Writing Question PDF and Word File, Daily Current Affairs PDF and So Much More in Free So Join Now

Register For Latest Notification

Register Yourself For Latest Current Affairs

November 2022
M T W T F S S
« Oct    
 123456
78910111213
14151617181920
21222324252627
282930  

Mains Answer Writing Practice

Recent Current Affairs (English)

Current Affairs (हिन्दी)

Subscribe Our Youtube Channel

Register now

Get Free Counselling Session with mentor

Download App

Get Youth Pathshala App For Free

Open chat
1
Youth Destination IAS . PCS
To get access
- NCERT Classes
- Current Affairs Magazine
- IAS Booklet
- Complete syllabus analysis
- Demo classes
https://online.youthdestination.in/