The Cost of Economic War

As the fight on NATO’s border has intensified, the West’s response has been to make war with Russia - economic war. Sanctions, not bombs, have been the weapon chosen to take on the Putin regime and Western leaders have devised ever more elaborate tortures for the Rouble. In light of diminishing appetite for war and financial inducements over the past century, trade and financial sanctions have increasingly become the preferred tool of statecraft employed by countries around the world. But how effective are they? Author and columnist for The Economist, Duncan Weldon, explores the strengths and weaknesses of economic sanctions. Looking at historical uses over the past 100 years, Duncan examines to what extent and in what scenarios they achieve foreign policy aims. He also reflects on the unintended consequences and the impact on economies. And he considers what the sanctions against Russia, in response to the invasion of Ukraine, mean for the global economy and the future geopolitical landscape. With Daniel Dresner, Professor of international politics at the Fletcher school of law and diplomacy at Tufts University; Dr Erica Moret, Senior Researcher at the Centre for Global Governance and Humanitarian Studies at the Graduate Institute, Geneva; Nathanael Tilahun, a lawyer and Professor of International Law at University of Coventry specialising in sanctions, security and financial crime; Macroeconomist Rachel Ziemba, founder of Ziemba Insights and adjunct senior fellow at The Center for A New American Security in Washington; and Taban Osman, a Kurdish Iraqi, actor and singer from Sulemani in northern Iraq. Presenter: Duncan Weldon Producer: Jac Phillimore Sound Design and Mix: Rob Speight Executive Producer: Katherine Godfrey A Novel production for BBC Radio 4