How the Latest Sanctions Will Impact Russia—and the World

The new sanctions package will be extremely painful for the Russian economy, but it’s two years too late to be a gamechanger. In a global context, however, it increases the risk of the fragmentation of the financial system. Washington introduced yet another package of sanctions against Russia’s financial, energy, and technological infrastructure on June 12. Two years after Russia’s central bank was banned from using dollars, the Moscow Exchange and its subsidiaries the National Clearing Center and the National Settlement Depository were added to the sanctions list.