Eurozone inflation hits new high as growth slows amid Ukraine war
Al JazeeraMAR 19 2022
The war in Ukraine has brought Western economies to the brink of recession - a level of severity catalyzed in the Eurozone by the sanctions on Russia. Nevertheless, the West has a moral imperative to maintain pressure, and there's a real possibility that progressive sanctions might limit economic fallout in North America and Europe in the medium term anyway.
The highly indebted world economy is in no healthy condition to cope with the prospect of endlessly excluding Russia from international trade. Only the Kremlin itself can end the war and accompanying economic uncertainties, not sanctions. Russia is self-sufficient and this isn't sustainable.
The real losers of the Russia-NATO conflict are the world's poorest countries, which are the ones bearing the brunt of the economic fallout. Rising commodity prices in nations from Peru to Sri Lanka have triggered violent protests which, in some places, have spiraled into political turmoil.