Russia has not been the only one affected by the punishments imposed against it, but in this globally interconnected economy, the sanctioners have also been damaged.
In the United States, the loss of Russian oil has translated into a rise in gasoline prices to the highest levels since 2008, reaching exceed $4 per gallon and affecting the economies of citizens who have not yet managed to recover from the effects of the pandemic.
Despite the drastic panorama drawn by the consequences of the coronavirus and the invasion of Ukraine, the founder and CEO of LEXIA Insights & Solutions, Guido Lara, considers that at least in a short term, Western countries will be able to sustain the ravages of the sanctions imposed on Russia.
For them media narratives about the Ukrainians and their strength, in addition to the representation of Volodymyr Zelensky as a leader who has handled the situation in a “wise, dynamic and intelligent” way, have shielded Western countries from possible nonconformity by its inhabitants.
This idea reinforces what President Joe Biden said last week when he mentioned that the “defending freedom has its cost”. This means that the people who are now suffering the consequences of their leaders’ decisions will not speak out against them as long as they are convinced that the ‘right’ thing is being done.
In the specific case of the United States, Lara believes that this fact will not have a negative impact on Biden in the midterm elections because the “war presidents who begin to convene the populations have a benefit for their support.”
However, this scenario would begin to change if the Russian head of state, Vladimir Putin, extends the attacks for much longer than expected.
Up to this point, Putin has shown that “he has control over his people, his country and he doesn’t care about wear and tear, he’s going to play to get as much as he canI can’t imagine him leaving the Ukraine with minimal profit, he’s going to stretch the league as far as he can”, commented the CEO.