As Russia continues its invasion of Ukraine and the United States and European allies develop strategies to respond, local experts are beginning to weigh in on how the conflict may start impacting Northeast Ohio economically.
On Friday, the European Union moved forward with a third round of sanctions against Russia, freezing the assets of Russian President Vladimir Putin and Russian Foreign Minister Sergey Lavrov.
"The sanctions absolutely must be there. Will they change Russian behavior in terms of stopping the Russian invasion into Ukraine and maybe getting the Russians to reverse course and withdraw back to Russian territory? I doubt that," Kaltenthaler said."I think the Russians wouldn't have started this invasion had they not calculated that these sanctions were coming. We warned them. The Europeans warned them. Other countries warned them.
But an economic impact isn't just expected in Russia, it may be felt in Northeast Ohio as well as the conflict overseas goes on. "The United States is looked at by many, many countries around the world as the most important country to keep international stability. And if we look like we're retreating from that role, then countries won't count on us anymore and countries will turn elsewhere," Kaltenthaler said."And one of the places that those countries will turn is China, and neither Russia nor China have our best interests at heart.
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