Invasion of Ukraine, global sanctions against Russia, and economic consequences for Georgia - ENG.pd

This event not only marked the collapse of a painstakingly built global security architecture and destroyed the lives and livelihoods of millions of civilians in the heart of Europe, it also put the world on the brink of the largest nuclear, humanitarian, and ecological catastrophe since WWII. [...] Almost overnight, Russia became the most- sanctioned nation in the world, surpassing even Iran and North Korea in the number and extent of economic, financial, and technological sanctions. [...] Effects on the Russian economy As a result of the sanctions, consumer price inflation in Russia in March accelerated to 15.7% annually, the highest value since September 2015. [...] For example, in the UK the share of bread in the daily diet is 20%, while in some parts of Africa it is as high as 80%). [...] However, as international pressure piles on the Russian economy, it would be prudent for the Georgian government to remain vigilant about potential loopholes and to forcefully crack down on any attempts to smuggle prohibited goods via the Georgian territory, thus protecting the country’s reputation in the eyes of the international community.