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Imagine if you were a country that wanted to buy something from another country. Now imagine if they refused to ever take your money. So the obvious thing to do
by SEJeff 5y ago
Imagine if you were a country that wanted to buy something from another country. Now imagine if they refused to ever take your money. So the obvious thing to do is to get a bank account with their local currency, right? But none of the banks will allow you to get a bank account, and no one will give you any way to get any of their currency. But you have existing bank accounts all over the world, so you'll just pull that money out, right? Nope, those accounts have all been frozen and you have zero access to them.
Now imagine that all of those places also shut off their airspace to your country. I suspect this also goes for shipping. It basically causes you to become a hermit, and that's very challenging with the current global economy. Unless you embrace something like North Korea's "juche", you're going to be really hurting.
That's more or less what is happening to Russia right now.