US, EU division on Russia sanctions nothing new

It’s unattainable to foretell how the disaster in Ukraine will progress, however the rupture in relations between Russia and the West is unlikely to heal any time quickly.

At the very least, commerce between these two sides goes to be badly affected for a very long time. To get a way of how the worldwide financial system would possibly perform within the coming months and years, it is sensible to have a look at what occurred through the chilly conflict.

It’s tough to make precise comparisons, however the relative financial energy of the 2 sides was very totally different in that period. In 1979, simply earlier than the beginning of the Soviet-Afghan conflict, the Soviet Union accounted for 9% of world GDP. In distinction, Western Europe, the US, Canada, Australia and New Zealand accounted for about half.

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