Russia & the West Keep on Doing Business Despite Sanctions & the War in Ukraine

by Nikola Mikovic via Geopolitics and Empire

“War is only a passing phase in business life”, said James Gordon Farrell, an English-born novelist of Irish descent. Indeed, despite the conflict in Ukraine that resulted in dozens of thousands of dead troops, as well as millions of displaced people, the Kremlin and its Ukrainian and Western partners seem to attempt to continue doing business as usual.

The war in the Eastern European country had a significant impact on the global economy, although it did not lead to a complete economic “decoupling” between Russia and the West. The European Union, in response to the Russian invasion of Ukraine, imposed several packages of sanctions against Russia, but to this day it continues (indirectly) purchasing Russian gas and oil. Also, most Western companies still operate in Russia, even though the European Parliament declared the Russian Federation to be a “state sponsor of terrorism”.