Podcast 65 - Sanctions - an act of war

Socialist correspondent

The sanctions regime against Russia being imposed at the behest of the United States demonstrates its role in determining the direction of the war in Ukraine. It has expressed no interest in negotiations and wants to prolong the war to debilitate Russia as far as possible. The major loser, however, is unlikely to be Russia, which has alternative financial systems and markets to get round the effects of sanctions and is self-sufficient in food and energy. It will, rather, be US allies particularly in Europe who are dependent on Russian gas and oil supplies as well as essential metals used in high tech products and nuclear technology. The effects on the developing world will be even worse with a looming food crisis. The United States itself is relatively isolated from the impact of the sanctions it is imposing on the rest of the world. As it stokes war with Russia and threatens the same with China, it is also undermining European economies and further impoverishing the developing countries.