WION Spotlight | Sanctions blowback: For whom the bells toll  

When the USsucceeded in using Ukraine as the bait and battleground to provoke Russia and draw it into a war, the sole superpower and its allies, particularly the UK,sounded supremely confident about the success of Ukraine’s cause. There were dire pronouncements about how Russia would be bled in this war and President Vladimir Putin made to bite the dust.

There were claims of Russia being squeezed by sanctions and isolated; its economy being wrecked and the rouble rendered worthless; and, Putin being cornered to the point, perhaps, of even being forced out of Russia’s presidency.

The so-called “international community” launched a no-holds-barred campaign to punish Russia and hammer its economy. The US, after its debacle in Afghanistan, was in desperate need of a situation for military and economic muscle-flexing to show that it remains a superpower.

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However, nothing has panned out as the USand the West expected.

Doubtless, the war has not gone Russia’s way either. Far from being a swift “special operation”, the war is dragging on with Ukraine’s fierce fight back, forcing Russia to retreat at times; and, regroup to rejoin battle in territories where it was worsted.

For all that, Russia is doing better than its US-led foes had foreseen. It is the leaders of the US and its western allies who are in trouble. Europe has taken an economic hit. To make matters worse, the USeconomy is gaining at the expense of Europe, which faces the grim prospect of a dark and cold winter with fuel scarce and food dear. Besides, Europe is forced to buy USgas at exorbitant prices. The worst of the economic crisis fuelled by inflation and food prices is yet to unravel.

Britain’s economic woes, too, are rooted in the West’s sanctions against Russia. “The shockwaves from the Russian invasion of Ukraine will cut UK living standards by £2,500 per household, lead to more persistent inflationary pressure and slow the economy to a standstill next year, economists fear,”The Guardianwrote as early as March.

In recent weeks, the pound’s value has plummeted, treasury bonds have crashed and the market is tanking even as Britain is reeling under a public debt burden of about £60 billion.

The political consequences of the war and sanctions have been even more unsettling. The first of the western powers to be plunged into a crisis that is still unfolding is Britain. Two prime ministers have had to resign in quick succession. First to fall was Boris Johnson, who championed sanctions and backed Ukraine. He was succeeded by Liz Truss, who resigned 45 days after taking charge as prime minister. Days before she resigned, two of her ministers, Kwasi Kwarteng (Finance) and Suella Braverman (Home), had quit. There might be worse to come.

Although the US economyits military-industrial complex and the dollarhas benefited from the war in Ukraine, President Joe Biden appears to be in political trouble. The mid-term elections may see the Democrats losing seats, and their majority, in both the Senate and the House of Representatives. That would reduce Biden to a lame-duck president in the remaining two years of his term.

The situation in other G7 nations such as France, Germany and Italy is also worrying, and that has consequences for the cohesion and efficacy of the US-led alliance. As the war drags on, these economies may continue to be dragged down.