There's one major thing the West could, but won't, do: kill all Russian banks' access to the Society for Worldwide Interbank Financial Telecommunications, or SWIFT.
'Russia's economy is in deep, deep trouble'Despite the West's frustration with how Russia's economy still appears to be holding up, the sanctions appear to be finally working.
"In five years, you're going see a really disastrous slowdown in the Russian economy," said Portes, who called for stronger sanctions enforcement.
AdvertisementIn April 2022, Russia's central bank governor Elvira Nabiullina warned Russia's reserves can't last forever.
"A significant problem is that they are running out of foreign exchange reserves, and you can't create foreign reserves," Portes added.
Persons:
—, hasn't, SWIFT, Alex Capri, Richard Portes, Portes, Alexander Kolyandr, Elvira Nabiullina, Russia's
Organizations:
Service, West, Society, Worldwide Interbank Financial Telecommunications, Business, SWIFT, European Union, National University of Singapore, US Customs Service, London Business School, Carnegie Endowment, International Peace, Central Bank of
Locations:
Russia, Ukraine, Moscow, Russian, SWIFT, Capri, Asia Pacific, Europe, India, China, Central Bank of Russia, Russia's