The sanctions imposed on Russia will also hit the West

The ban on trade with Moscow or the freezing of the assets of the Kremlin and its supporters are starting to affect the Russian economy and will have long-term consequences for it. However, the countries of the western world will face ever higher prices for all products, especially food. This is due to the reduction in the supply of Russian raw materials and goods, as well as disruptions in supplies.

"If we fight for basic values, then economic costs are not the most important," Ignacy Morawski, SpotData director, and chief economist of Puls Biznesu, stressed.

In his opinion, the first consequence of the war on sanctions in Russia will be a recession, and in the West – higher inflation.

"At this point, it seems to me that we will experience an economic slowdown in Poland and Western Europe. Whether it will be a recession probably depends on the length of the war and the depth of the conflict," the economist added.

Since Russia's aggression against Ukraine on February 24, the Western world has already imposed three packages of sanctions on Ukraine, including the freezing of Russian assets in foreign banks and currencies, a ban on the entry of many Russians associated with the Kremlin, a ban on trade with Russia (excluding energy resources) or the exclusion of several large Russian banks from the SWIFT transfer system, which complicates and prolongs cross-border transfers. The sanctions also include a ban on Russian aircraft flying over the EU, and the currently considered fourth round of sanctions would cover, inter alia, also seaports and some raw materials such as coal, steel, and aluminum. The point is to cut Moscow off as much as possible from its sources of financing.

(Newseria)