Volume 12 Issue 1

This article explores the macroeconomic impact of the sanctions regime imposed on the Russian Federation over the decade starting in 2014. Triggered by geopolitical conflicts, these sanctions targeted critical sectors such as finance, energy, defense, and technology, leading to significant structural adjustments within the Russian economy. Through an analysis of key indicators—including GDP growth, inflation, trade balances, and currency stability—this paper evaluates the short- and long-term economic consequences of sustained international pressure. The findings suggest that while sanctions contributed to initial economic contraction and financial instability, Russia gradually adapted through strategic fiscal policies, import substitution, and realignment of trade partnerships, particularly with non-Western economies. Despite these adjustments, the sanctions have led to slower economic growth, reduced foreign investment, and technological stagnation. This retrospective analysis offers insight into the effectiveness of sanctions as a policy tool and the resilience mechanisms of a major global economy under sustained economic isolation.

Over the past two decades, we have witnessed a profound shift from a unipolar world order to a multipolar one. Following the dissolution of the Soviet Union, the United States emerged as the singular superpower, exerting unparalleled influence over the international stage. In the current landscape, power has undergone diffusion, with numerous major players wielding significant sway in shaping global affairs. Amidst this dynamic backdrop, the spotlight shines brightly on BRICS, a coalition comprised of five emerging and developing nations: Brazil, Russia, India and South Africa. After 14 years of global turmoil, interest in this organization has surged. Its membership has grown, with the addition of four more nations in 2024, while many other countries have expressed keen interest in joining. The article examines the opportunities and challenges confronting BRICS, analyzing whether this coalition of emerging economies can truly rival the dominance of the established G7 bloc.

The rapid growth of public debt in the 1980s gave rise to a new expression. The snowball effect in question, refers to the automatic swelling of the debt by its interest charges, or the self-sustaining process of public debt by the interest owed on it. The primary surplus is the alternative that will reduce the debt and, by the same token, the snowball effect. In response to the ever-increasing debt levels and budget deficits of European countries, the Maastricht criteria were proposed in 1992. In order for European states to converge, a debt threshold of 60% of GDP and a maximum budget deficit of 3% of GDP were set. We are entitled to analyse the relevance of these criteria to determine whether they will prevent a snowball effect. (Bohn's 1998) model serves as a guide in this context. Analyzing panel data on 33 OECD countries using the OLS method, it shows that the primary surplus/deficit is improved when the debt ratio is below 60% of GDP, which makes it possible to reduce interest charges and, ipso facto, public debt. The budget deficit follows the same logic.

This article examines the paradigm shift within the banking sector's approach to cryptocurrency and blockchain technology. Initially, major financial institutions like Citigroup, JPMorgan, HSBC, and Goldman Sachs viewed these innovations with scepticism, primarily due to concerns about regulatory compliance, security, and market volatility. However, as the potential of blockchain for revolutionizing aspects such as cross-border payments, trade finance, and overall transaction efficiency became evident, these banks began to adapt and integrate these technologies into their operations. Through a series of case studies, this paper explores the journey of these banks from their initial resistance to a more embracing stance, highlighting key developments such as Citigroup's Citicoin, JPMorgan's JPM Coin and Onyx division, HSBC's application of blockchain in trade finance, and Goldman Sachs' establishment of a cryptocurrency trading desk. This analysis not only sheds light on the evolving dynamics between traditional banking and digital financial technologies but also discusses the broader implications for the future of banking, regulatory landscapes, and the continuous innovation in digital finance. The article aims to provide a comprehensive understanding of how traditional financial institutions are navigating the challenges and opportunities presented by cryptocurrencies and blockchain technology, marking a significant transition in the financial industry.