The unprecedented economic and financial sanctions deployed by the West in response to Russia’s invasion of Ukraine are having a deepening impact on the Russian economy, and illustrate very clearly the continuing importance of economic statecraft in international affairs.
Measures taken by a broad international alliance of governments and public institutions include freezing the overseas assets of Russia’s central bank and some of its largest commercial banks, excluding some banks from the SWIFT payment messaging system, expanding financial sanctions against Russian oligarchs, and launching a global hunt to seize their assets. They have been coordinated to an exceptionally high degree and have been complemented by a very strong response from private sector firms, including decisions to close or suspend operations in Russia, and suspend the supply of critical goods (such as aircraft parts).
In this on the record session, Wally Adeyemo, the second most senior official in the United States Treasury, will set out the objectives and rationale of the current economic and financial measures against Russia, what today’s events are likely to mean for the application of economic statecraft in future, and the implications for the functioning of the global economy over the medium to long-term. Following his speech, Deputy Secretary Adeyemo will take questions from the invited audience.
Following his speech, Deputy Secretary Adeyemo will take questions from the invited audience.