Most of world has united behind harsh financial penalties in defense of Ukraine.
TORONTO, March 4, 2022 — Immediately following Russia’s invasion of Ukraine, a coalition of countries including Canada, along with the European Union, the U.K., the U.S., Japan and even traditionally neutral Switzerland – moved to impose heavy financial sanctions on Vladimir Putin’s regime and the Russian economy.
Among the harshest set of sanctions ever imposed on a country of Russia’s size and strength, the measures involve freezing the assets of politicians (including Putin himself), military and intelligence officers, and business elite – while also aiming to isolate the Russian banking system and corporate sector from world markets.
While the sanctions target Russia, many prominent Western politicians have warned their citizens that the effects could also be felt at home. Already, gas prices have begun surging to record highs across North America.
“If the stakes in this fight are as high as I believe them to be, we have to be honest with ourselves,” Canadian Finance Minister Chrystia Freeland said on Tuesday. “I have to be honest with Canadians, that there could be some collateral damage in Canada.”
Experts from York University’s Schulich School of Business are available for media interviews on subjects relating to the Canadian economy and financial well-being of Canadians considering the sanctions.
Bernard Wolf, professor emeritus and director of the International Management undergraduate certificate, is available to discuss implications on:
- Supply chain and trade systems
- Currency values and exchanges
- Capital markets
Perry Sadorsky, professor of Sustainability and Economics, can provide insight on:
- Energy trading and risk management
- Energy markets and financial markets in general
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Media Contact:
Matt LaForge, York University Media Relations, 437-242-1547, mlaforge@yorku.ca
