As the West pursues its campaign of sanctions, economists have hung up their grey suits and ill-patterned ties to be drafted in as our most powerful weapon against Putin. And they have proven remarkably effective, inflicting near half a trillion dollars worth of damage, slashing a third off the value of the rouble, causing shares […]
For all the economic damage caused by the invasion of Ukraine – huge increases in commodity prices, soaring inflation, the biggest fall of living standards since the 1950s – it could have been worse. It could have been China, not Russia on the other side of the sanctions. Russia’s economy is relatively small – a little […]
Speaking via video link to the Italian parliament on Tuesday, Ukrainian President Volodymyr Zelensky described the need for ‘reconstruction of Ukraine after this war. Together with you, together with Italy. Together with Europe. Together – in the European Union.’ Ukraine wants the European Union – and if statements by EU leaders are anything to go […]
As a species, we are brought up with fairy tales. It is a sign of approaching maturity when we realise that they aren’t true. The principle that Britain doesn’t pay ransoms to kidnappers is being revealed as one such childish fantasy, because that it is all it is – a myth. The latest proof that, […]
The crisis in Ukraine has highlighted the dangers of over-reliance on Russia, and the advantages of national self-sufficiency in energy supplies. In post-Brexit Britain, this is entirely achievable, given our natural resources. The Government’s announcement that they will phase out Russian imports of oil and gas by the end of the year was welcome. However, […]
The invasion of Ukraine has placed Russia on the verge of bankruptcy. Interest rates have doubled, the stock market has closed, and the rouble has fallen to its lowest level ever. The military costs of war have been exacerbated by an unprecedented level of international sanctions, sustained by a large coalition of countries. Russian citizens, now unable to spend at IKEA, McDonald’s or Starbucks, are not […]
The US has banned Russian oil and gas, which it doesn’t need, while Europe – which very much needs both – only plans to phase it out. This offers a neat illustration of how battle lines are being drawn in the West. Between the ‘doves’ who favour an early negotiated peace in Ukraine and the […]
The conflict in Ukraine will have far-reaching economic consequences. The National Institute of Economic and Social Research forecasts that it could knock one percentage point off global GDP in 2023 – equivalent to around a trillion US dollars or £760 billion. The UK will be buffeted by the impacts of rising inflation, driven by soaring […]
Eight years ago, I watched as innocent people hiding behind wooden shields were shot dead by Kalashnikovs on the streets of Kyiv. The end of February of 2014 marked most tragic days of the Revolution of Dignity. As one of the coordinators of protests, I was confused, helpless and shocked by the events unravelling in […]
When I sat down to write an article on economic sanctions, the plan had been to explore whether they could deter a full-scale invasion of Ukraine. But events have moved so quickly that the question is now moot. Ukrainians are meeting the unimaginable reality that their freedom and their lives must be defended against Russian […]
Some dates are seared into public consciousness. 9/11, for instance, requires no elaboration. The date alone is enough. For earlier generations, mention of the year 1938 had the same impact. It was immediately obvious what you were referring to: Munich, appeasement and Allied shame. The history of 2022 has yet to be made, let alone […]
In my home city of Perth stands the Black Watch Museum. It proudly commemorates the history of that great regiment: ‘from Fontenoy to Fallujah with Ticonderoga, Waterloo, Alamein and two World Wars in between, the Black Watch has been there when the world’s history has been shaped’. It’s a reminder that for over 300 years […]
There is no longer any doubt. Russia was responsible for the assassination of Alexander Litvinenko on UK soil by lacing his tea with radioactive polonium 210. Litvinenko was a former KGB and FSB agent who defected to the UK and became an outspoken critic of Vladimir Putin. Last week the European Court of Human Rights (ECHR) […]
The AUKUS submarine deal between Britain, the US and Australia has cast an unflattering light on the Scottish National Party’s Cold War-style fixation with getting rid of the Trident submarine base at Faslane on the Clyde. This is important politically because being ‘anti-Trident’ is one of the few remaining policies that the SNP espouses which […]
With Afghanistan and the 9/11 anniversary dominating recent news, and early indications of al-Qaeda regrouping, attention has understandably settled once again on the Islamist ideology that still represents such a menace to our way of life. Indeed, Tony Blair recently warned that Islamism remains a “first-order security threat to the West”. Those of us who […]
Australia, the United Kingdom, and the United States have embarked on the most important development in Western security arrangements since the formation of NATO, leaving their Five Eyes and EU partners scrambling. The Aukus deal is a renewed commitment to uphold freedom, democracy, and the rule of law in the Indo-Pacific – it’s also a […]
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