Russia-Ukraine Crisis: The situation in Russia is not the same as in 2014. He is far more financially strong. At the same time, in the last 20 years, it has increased its business from China and other countries of the world as compared to western countries.
After the occupation of Crimea, the sanctions imposed on Russia had resulted in a 2.5 percent decline in GDP and there was an economic crisis there.
Russia has gold and foreign exchange reserves of $630 billion in 2022.
Russia does not want Ukraine to become a member of NATO under any circumstances. He thinks this would ruin the power game
New Delhi: Russia’s recognition of Ukraine’s rebel-held Luhansk and Donetsk provinces as independent countries and its parliament allowing Putin to launch a military offensive outside the country clearly shows that President Vladimir Putin is on a set agenda. are working.
And they are not being affected by economic sanctions and warnings from Western countries, especially America, Britain and European countries.
In such a situation, the question arises whether the world’s 11th largest economy is ready to fight economic sanctions. Also, what is the diplomacy through which Putin is not showing any signs of pulling back.
What are the restrictions till now
After recognizing the Hansk and Donestk provinces as independent countries, the US, UK and European countries have started imposing economic sanctions on Russia. Under this, the US has talked about banning Russian sovereign debt as well as imposing sanctions on Russia’s eminent families and individuals.
In which the name of Russian President Vladimir Putin can also be included. Apart from this, Britain has banned 5 major Russian banks and three Russian nobles. Similarly, Germany has stopped the Nord-2 pipeline project for gas supply from Russia to Germany.
Apart from this, Canadian Prime Minister Justin Tudo announced the first round of sanctions on Russia on Tuesday. There will be no economic agreements with the provinces of Ukraine that Russia has declared independent. Apart from this, the purchase of Russian bonds will also be banned.
Not only this, sanctions will also be imposed on those Russian lawmakers who have voted in support of the proposal to declare Donetsk and Luhansk independent states.
Russia more prepared for sanctions
In fact, this is not the first time that Western countries are imposing sanctions on Russia. Earlier in 2014, when Russia invaded and occupied Crimea, Western countries including the US imposed sanctions on Russia. At that time, due to these sanctions, there was a 2.5 percent decline in Russia’s GDP and there was an economic crisis.
But according to the CNN report, Russia is much stronger than in 2014. And if strict restrictions are imposed, then GDP will fall by one percent and if SWIFT (200 countries use SWIFT for financial transactions) then there may be a fall in GDP by 5 percent.
If we look at Russia’s business in the last 20 years, the share of US and European countries in its exports and imports has decreased. According to the IMF report, Russia exported more than $ 300 billion to Russia in 2020 and imported more than $ 200 billion.
And in this the share of America, European countries has decreased and the share of China and other countries has increased.
Similarly, Russia’s gold and foreign exchange reserves have increased compared to 2014. In 2014, Russia had reserves of about $ 500 billion. Whereas according to February data, Russia has reserves of $ 630 billion.
What is Russia afraid of
Russia fears that if Ukraine becomes part of NATO, it could become a major threat to its security. In addition, Russia’s Defense Minister Shoigu has claimed that Ukraine could acquire nuclear weapons. At the same time, President Putin also claims that Ukraine wants to take back Crimea.
In such a situation, Putin says that these equations will increase regional instability and Ukraine can be even more dangerous than North Korea. He says he will not allow Ukraine to acquire nuclear weapons under any circumstances. Under these circumstances, Russia is not ready to back down under any circumstances.
And in this fight, China is also seen standing directly with Russia. Which is not only a big market for Russia but also a strong diplomatic link.