Will sanctions on Russia lead to global financial warfare? by Marco Dell’Aguzzo

The sanctions on Russia are different from those imposed in the past in speed, breadth and impact on the international system. And they risk degenerating. Quartz Report

Following the invasion of Ukraine more than a month ago, many of the world's most advanced economies started a global financial war against Russia, responsible for the aggression. WHAT IS DIFFERENT FROM THE PAST As Quartz writes, governments have already used economic sanctions as a foreign policy tool, and it's not even the first time that rich countries have applied them in a coordinated manner. The sanctions against Russia, however, are different, and represent a turning point, for three reasons: for the wide scope, for the speed with which they were imposed, and for the repercussions they could have. COMPARISON WITH THE ITALIAN INVASION OF ETHIOPIA, IN 1935 The last time a coalition of nations imposed financial sanctions against a large world economy was 1935: Italy had invaded Ethiopia, and a dozen governments tried to drain Italian monetary reserves to induce the Benito Mussolini regime. to retreat. It took months. Today, however, thanks to the digitization of the international financial system and the dominance of the dollar, the Kremlin lost access to hundreds of billions of dollars of foreign exchange reserves almost immediately. COMPARISON WITH THE SANCTIONS AGAINST VENEZUELA The most recent sanctions imposed on the regimes of Venezuela and Iran have hit small economies: for this reason, the international impact has been limited. Sanctions on Russia, on the other hand, are already having an impact worldwide. Sanctions on Nicolas Maduro's regime led to a freeze on the Venezuelan central bank's reserves, ousting it from the debt market, and targeted individuals and companies. Those to Russia are similar, but have targeted the 11th world economy and a major supplier of hydrocarbons. The consequences of the sanctions are already visible, for example on the cost (and shortages) of wheat in the Middle East and on the international prices of crude oil. WHAT THE EXPERTS THINK Eva Nanopoulos, a sanctions expert at Queen Mary University in London, told Quartz that the economic confrontation could escalate into political confrontation and conflict. "It's quite risky," she added. “It will become a world war. It will not be only the Russians who will die ”.

COMMENT: for the global financial war we bring our contribution to the "friendly states" both with our cyber-security systems, among which the formidable cryptographic system CRIPTEOS 3001 stands out, and with the revolutionary digital currency Real Digital Currency which, unique in the world, it does without the block-chain to validate transactions and thus identify counterfeit coins.

financial war