Australia has joined the US and other Western allies in imposing sanctions on Russian President Vladimir Putin, his senior leaders, Russian banks and about 350 Russian citizens in response to the Russian attack on Ukraine.
Swinburne Entrepreneurship and Innovation senior lecturer, Dr Aron Perenyi, says economic sanctions against Russia introduced in 2014 have resulted in reduced economic dependency on the West, with China emerging as a substitute economic partner.
"Currently, there is an imbalanced economic dependency between Russia and the West as Russia is a key supplier of oil, gas and raw materials.
"In the short term economic sanctions may be more harmful for the West.
"These sanctions in Russia would most likely impact the economically vulnerable cohort of the population, which is unlikely to impact government actions, but may lead to some loss of political stability.
"The long-term prospects of sanctions are potentially detrimental to both sides if a cold war style arms race between the European Union and Russia emerges out of the conflict."
The Swinburne community is deeply saddened by events in Ukraine. We acknowledge the concerns of our students, staff and alumni and are deeply concerned for the safety of those in Ukraine.
Staff members who are concerned about the situation are invited to make use of Swinburne's wellbeing and support services available, including the Employee Assistance Program.
We understand many in the Swinburne community would like to offer practical support. If you would like to provide financial assistance, we encourage donations to be made through the Australian Red Cross Ukraine Crisis Appeal.
