This year, Russia took an aggressive step beyond simple provocation, fully invading that nation of Ukraine as an act of war. This unprecedented conflict in our modern age has caused many banks and brands alike to withdraw from the Russian economy in retaliation.
One area of financial sanctions includes SWIFT, a worldwide banking service provider that has removed Russian banks from the global system. Provided that these financial sanctions continue, projections estimate that Russia’s economy will contract by up to 15% in 2022 alone.
The intent of these efforts is to slow down Russia’s invasion without resorting to a full scale military conflict with many of the world’s nations. However, many Russian citizens have taken action, trying to invest in gold and Bitcoin, thereby further divesting from the Ruble.
Learn more about the financial sanctions against Russia in the visual deep dive below, courtesy of the United States Gold Bureau: