Russia's finance minister has admitted the country can't use nearly half its $640 billion foreign currency war chest because of Western sanctions
Business InsiderAPR 2022
Sanctions are the only way to increase pressure on Putin's regime and bring him to the negotiating table to end the crisis in Ukraine. Although this may produce ripple effects in global markets, the world can withstand these ripples.
The sanctions are nothing more than an attempt to artificially force Russia to default on its loans. Any potential default does not reflect the reality of Russia's strong economic position. Russia can withstand the sanctions and still maintain significant potential for further development.
Russia would not be able to withstand the punishing sanctions without the support of China, which is using the conflict in Ukraine as a proxy battle in its fight to undermine the US Dollar as the global reserve currency.
It's hypocritical to impose sanctions on Russia for invading Ukraine, but not on the US for invading Iraq for equally unjustified reasons, or on Israel for invading and annexing Arab lands.