Since some people never leave the tread....
I hate to be an "I told you so!", but I was. The economic effect of the sanctiones boomeranging back on the West is and will be devastating.
This guy writes for the Economist, pushed for sanctions, a famous economist:
"Unless we cut a deal with Putin, with the removal of sanctions as a component, I see a danger of the world becoming subject to two trading blocs: the west and the rest. Supply chains will be reorganised to stay within them. Russia’s energy, wheat, metals, and rare earths will still be consumed, but not here. We keep the Big Macs.
I am not sure the west is ready to confront the consequences of its actions: persistent inflation, reduced industrial output, lower growth, and higher unemployment. To me, economic sanctions look like the last hurrah of a dysfunctional concept known as the west. The Ukraine war is a catalyst of massive de-globalisation."
The world's economic inter-dependencies are manifold and mutual. Sanctions have large network effects.
www.eurointelligence.com