McDowell Discusses Impact of Western Sanctions on Russia in Hill Times, War on the Rocks
March 10, 2022
The Hill Times,War on the Rocks
Western financial sanctions have crippled Russia's economy. In particular, the decision to "blacklist" the Central Bank of Russia made by the U.S. and the EU has frozen the country's foreign exchange assets, most of which are held in accounts with monetary authorities and financial institutions outside of Russia. In his article "The Unfreezable Asset: Gold, Sanctions, and Russia," published in War on the Rocks, Associate Professor of Political Science Daniel McDowell explains how Russian gold reserves could help Russia weather the damaging financial sanctions.
McDowell was also quoted in The Hill Times article, "International financial institutions close ranks against Russia as global partners ‘get creative’." The sanctions targeting Russia's central bank are an indication of the financial power that the United States and the European Union have when they act "in lock step," says McDowell. "At the stroke of a pen, they can cut actors out of the global financial system.
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