Renaud Foucart

Renaud Foucart is a senior lecturer in economics at the Lancaster University Management School.

Two years after its full-scale invasion of Ukraine, Russia is still facing an unprecedented number of economic sanctions. It has been excluded from major global financial services, and around €260 billion (£222 billion) of its central bank assets have been frozen. Russian airspace is closed to most western planes, and western ports are closed to Russian vessels. A formal cap has been imposed on buying or processing Russian oil sold for more than $60 per barrel (world prices currently fluctuate between $80 and $100. And in theory, it is illegal to sell Russia anything that could be used by the…

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