Authors: Shiro Armstrong and Yose Rizal Damuri
Russia’s invasion of Ukraine makes the cooperation agenda for pandemic recovery much harder. It has also threatened to derail the G20 summit altogether. But the global community has shown its ability to rapidly coordinate economic sanctions and present a largely united front against a war of aggression. Despite the tragedy from the conflict and its effect to the global economy, this also underlines the security dimension of economic interdependence.
The coordinated economic and financial sanctions on Russia appear to be imposing huge costs to the Russian economy. Whether they help in ending the conflict depends on other factors, but the sanctions have made Russia internalise some of the costs of its aggression. Economic sanctions and trade measures can help to constrain bad behaviour and give the global community non-military tools to fight back in the extreme against military…
