Canberra, March 1 (The Conversation/PTI) The financial measures just announced against Russia are unprecedented for a country of its size.
This of course means it's impossible to predict exactly how their impacts will reverberate around the Russian and global economy. And we still need to see the exact details of the plan.
But on their face they threaten the collapse of the Russian ruble, a run on Russian banks, hyperinflation, a sharp recession and high levels of unemployment in Russia, as well as turmoil in international financial markets.
Over the weekend the European Commission, France, Germany, Italy, Britain, Canada, and the US imposed four measures they had been holding off on:
