The Russian and the European Union sanctions and counter-sanctions imposed on each other over the Ukraine crisis have come at a time when the economies of both are particularly vulnerable. Far from one gaining leverage over the other, the result will be that all sides are likely to suffer hardship. The recovery of the eurozone will slow and Russia could be pushed back into the bleak years of the Soviet period of economic stagnation, food queues, black markets and civil unrest. A negotiated settlement is the only way out.
THE WAR of sanctions and counter-sanctions has erupted at a time when both Russia and the European Union are very vulnerable. The Russian economy has been slowing dow...
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