The Group of Seven is very upset with Russia for its treatment of Ukraine and its annexation of Crimea. So far, Europe and the United States are responding with various economic sanctions.
Sanctions can impose substantial pain on a country, cutting it off from the global economic and financial system. Such isolation would matter for Russia, which is a reasonably open economy. For example, its goods and services imports and exports are 22% and 29% of GDP, respectively.Read More