bodog online casino|Welcome Bonus_not likely to grow significantly http://www.wita.org/atp-research-topics/sanctions/ Thu, 05 Jan 2023 18:53:13 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 /wp-content/uploads/2018/08/android-chrome-256x256-80x80.png bodog online casino|Welcome Bonus_not likely to grow significantly http://www.wita.org/atp-research-topics/sanctions/ 32 32 bodog online casino|Welcome Bonus_not likely to grow significantly /atp-research/ukraine-crisis-international-trade/ Tue, 20 Dec 2022 18:41:59 +0000 /?post_type=atp-research&p=35559 On 24 February 2022, Russia invaded Ukraine, triggering international condemnation. The 2 March 2022 United Nations resolution demanding that Russia immediately end its military operations in Ukraine was adopted by...

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On 24 February 2022, Russia invaded Ukraine, triggering international condemnation. The 2 March 2022 United Nations resolution demanding that Russia immediately end its military operations in Ukraine was adopted by 141 countries, with 37 abstentions and 5 against, while the 12 October 2022 UN resolution demanding the reversal of Russia’s attempted illegal annexation of Ukrainian territories was adopted by 143 countries, with 35 abstentions and 5 against1.

bodog poker review The international condemnation was followed quickly by the imposition of wide-ranging economic sanctions on Russia, and the provision of military support to Ukraine, by most OECD and European Union countries. Trade-related sanctions have included prohibitions of exports to Russia of strategic goods, including high-tech goods and components for use in electronics, telecommunications, aerospace and oil refining, among other sectors. Sanctions imposed by the United States apply not only to goods exported by US companies, but also to goods produced elsewhere using US technologies. The extraterritorial nature of US sanctions has likely impacted exports to Russia even from countries that have not applied sanctions.The EU, United Kingdom and US have also announced plans to phase out imports of Russian energy.

The war hit the global bodog poker review economy by creating new geopolitical and economic uncertainties, soaring energy prices, and disruptions to global value chains in which Russian and Ukrainian companies were involved. Economic sanctions exerted adverse effects not only on Russia, but also on countries that imposed them and, more generally, on other economies because of higher energy and commodity prices.

Isolating the impact on the global economy and trade of Russia’s war is difficult because global inflation pressures were building up already before the war, along with the recovery from the COVID-19 pandemic. The pandemic resulted in shortages of various materials and machinery, and in increased transportation costs and times. The fiscal stimulus implemented by most countries around the world in 2020-2021 supported household incomes, but the uncertainty and bodog online casino lockdown restrictions boosted household savings in several countries, creating pent-up demand. Sandbu (2022) argued that one of the reasons for the global surge in inflation, which came earlier than the energy price shock, was the strong rebound in US consumer goods demand, leading to a global scarcity of goods, with spill-over effects on the rest of the world. As pandemic-related restrictions were eased and largely eliminated from 2021 or early 2022, demand for contact-intensive services has also resumed 2. These developments would have exerted upward pressure on various prices even without the war.

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Zsolt Darvas (zsolt.darvas@bruegel.org) is a Senior Fellow at Bruegel and Senior Research Fellow at Corvinus University of Budapest. Catarina Martins (catarina.martins@bruegel.org) is a Research Analyst at Bruegel.

To read the full working paper, please click here.

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bodog online casino|Welcome Bonus_not likely to grow significantly /atp-research/making-moscow-pay/ Fri, 11 Mar 2022 21:53:35 +0000 /?post_type=atp-research&p=32695 Following the revocation of MFN treatment of Russian goods, the members of the G7 and European Union (EU27) can raise import tariffs sharply. We outline three trade sanction scenarios in...

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Following the revocation of MFN treatment of Russian goods, the members of the G7 and European Union (EU27) can raise import tariffs sharply. We outline three trade sanction scenarios in this computation-based brief and report their predicted effects on Russian GDP, on bilateral exports, and on Russian job losses. Once the Russian economy has adjusted, the most severe trade sanction scenario is expected to result in a permanent GDP reduction of 1.06%, in bilateral Russian exports to the G7 and EU27 nations falling by 70.9%, and in 522,000 job losses from the Russian energy sector. Losses on this scale for Russia amount to a third of the estimated GDP gain from its WTO accession. The same scenario is estimated to result in 206,000 job losses in the G7 and EU27 and to reduce their joint GDP by 0.06% permanently.

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To read the full report from the St. Gallen Endowment for Prosperity Through Trade, please click here.

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bodog online casino|Welcome Bonus_not likely to grow significantly /atp-research/effective-russia-sanctions/ Fri, 11 Mar 2022 16:30:08 +0000 /?post_type=atp-research&p=32658 While Western sanctions have not succeeded in forcing the Kremlin to fully reverse its actions and end aggression in Ukraine, the economic impact of financial sanctions on Russia has been...

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  • While Western sanctions have not succeeded in forcing the Kremlin to fully reverse its actions and end aggression in Ukraine, the economic impact of financial sanctions on Russia has been greater than previously understood.
  • Western sanctions on Russia have been quite effective in two regards. First, they stopped Vladimir Putin’s preannounced military offensive into Ukraine in the summer of 2014.
  • Second, sanctions have hit the Russian economy badly. Since 2014, it has grown by an average of 0.3 percent per year, while the global average was 2.3 percent per year. They have slashed foreign bodog sportsbook review credits and foreign direct investment, and may have reduced Russia’s economic growth by 2.5–3 percent a year; that is, about $50 billion per year. The Russian economy is not likely to grow significantly again until the Kremlin has persuaded the West to ease the sanctions.
  • The-impact-of-Western-sanctions-on-Russia-and-how-they-can-be-made-even-more-effective-5.2

    To read the full report by The Atlantic Council, please click here.

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    bodog online casino|Welcome Bonus_not likely to grow significantly /atp-research/us-reduce-russian-energy/ Tue, 08 Mar 2022 19:35:54 +0000 /?post_type=atp-research&p=32714 Russia’s invasion of Ukraine has brought into stark relief the national security consequences of European reliance on Russian natural gas and global reliance on Russian oil. Russia accounts for more...

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    Russia’s invasion of Ukraine has brought into stark relief the national security consequences of European reliance on Russian natural gas and global reliance on Russian oil. Russia accounts for more than a third of all natural gas consumed in Europe and is the second-largest oil exporter in the world, which is constraining US, European, and other allies’ responses to Russian aggression in Ukraine. This note outlines specific policy options available to the US government to reduce EU and global dependence on Russian energy, while continuing to reduce greenhouse gas (GHG) emissions.

    US-Policy-Options-to-Reduce-Russian-Energy-Dependence

    To read the full report by the Rhodium Group, please click here.

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    bodog online casino|Welcome Bonus_not likely to grow significantly /atp-research/us-russian-export-controls/ Tue, 08 Mar 2022 19:18:41 +0000 /?post_type=atp-research&p=32648 In response to Russia’s further invasion of Ukraine, and Belarus’ enabling of it, the Commerce Department’s Bureau of Industry and Security (BIS) has amended the Export Administration Regulations (EAR) to...

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    In response to Russia’s further invasion of Ukraine, and Belarus’ enabling of it, the Commerce Department’s Bureau of Industry and Security (BIS) has amended the Export Administration Regulations (EAR) to impose significant Russia- and Belarus specific controls on exports, reexports and transfers of many different types of U.S.- and foreign-produced commodities, software and technology, which are collectively referred to as “items.” U.S. and non-U.S. companies with, and that choose to continue, any direct or indirect involvement with Russia or Belarus will need to spend a significant amount of time studying the rules and updating internal policies and procedures to ensure compliance.

    In sum, there is little that can be exported or reexported that involves Russia or Belarus, or Russian or Belarusian entities, directly or indirectly, without requiring an analysis of complex and novel U.S. and allied and partner country export controls. To ensure compliance, one will need to determine, at a minimum, (i) which items of interest are identified on the EAR’s Commerce Control List as controlled for “AntiTerrorism” reasons; and (ii) which foreign-made items are produced using technology, software or equipment that is subject to the EAR.

    A simplistic, imprecise, but nonetheless helpful way of thinking about the new controls is the following:

    • If the item at issue is of a type described on the Commerce Control List, whether U.S.- or foreign-produced, then it generally cannot be shipped from anywhere to anyone in Russia or Belarus for any reason without a license or other authorization.
    • If the item at issue is of a type not described on the Commerce Control List (i.e., an EAR99 item), whether U.S.- or foreign-produced, then it generally can be shipped to Russia or Belarus, so long as it would not be for a military end use, a military end user or involving an entity on the Entity List.

    The purpose of the new controls is “to protect U.S. national security and foreign policy interests by restricting Russia’s access to items that it needs to project power and fulfill its strategic ambitions.” The rule does this by leveraging the “global dominance of U.S.-origin software, technology, and equipment (including tooling)” to largely block the export and reexport of U.S.- and foreign-produced items that are essential inputs for sectors important to the Russia and Belarusian economies, primarily their defense, aerospace and maritime sectors. The related purpose of the parallel controls against Belarus is to restrict its access to items “it needs to support its military capabilities and preventing such items from being diverted through Belarus to Russia.”

    The rules reflect an extraordinary amount of export control cooperation and coordination among close allies and partner countries that has not been seen since the end of the Cold War. In particular:

    • The allies and partner countries have agreed to a common licensing policy of denial for exports of controlled items to Russia and Belarus. Until these rules, the standard had been one of “national discretion,” which allows each country to make its own licensing decisions without a need to coordinate with other countries.
    • The allies and partner countries have each agreed to impose their own unilateral controls on items that only the United States has historically controlled, namely AntiTerrorism-controlled items. Until these rules, allies and partner countries have been reluctant to, or did not have the legal authority to, impose controls on items that were not identified in one of the four primary multilateral export control regimes.
    • The rules’ extraterritorial controls on foreign-produced items do not apply if the items are produced in countries that commit to imposing substantially similar controls to those of the United States. This creates an incentive for other countries to cooperate, reduces the negative impacts of unilateral controls on U.S. industry and reduces the incentive to design out U.S.-origin content or items produced with U.S. technology or tools.

    Indeed, the rules create a whole new paradigm, structure and purpose for coordinated export controls. That is, traditional multilateral export controls since the end of the Cold War have been focused on regulating weapons of mass destruction, conventional weapons, and the bespoke and dual-use commodities, software and technologies necessary for their development, production or use. In contrast, these rules have a much broader purpose, which is the plurilateral 1 control over exports to specific end users and the types of items important to a country’s strategic economic and military objectives. In particular, the White House stated that these “actions will ensure that the military as well as the aerospace, maritime and high-technology sectors do not obtain U.S. technology goods and technology that can be used to support Russian technical maintenance and innovation.” Export controls are being used as, and to enhance, economic sanctions tools.

    us-government-imposes-expansive-novel-and-plurilateral-export

    To read the full report by Akin Gump, please click here.

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    bodog online casino|Welcome Bonus_not likely to grow significantly /atp-research/russia-sanctions-are-escalating/ Mon, 28 Feb 2022 19:53:55 +0000 /?post_type=atp-research&p=32526 We have written previously about the logic behind the use of economic sanctions, stating that they are “a critical element of the foreign policy toolkit of both national governments and...

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    We have written previously about the logic behind the use of economic sanctions, stating that they are “a critical element of the foreign policy toolkit of both national governments and international bodies.” They are an effort to change a country’s behavior without resorting to military action, which is what we see playing out today. The United States, along with other members of the international community, is imposing “unprecedented” sanctions on Russia in response to last week’s invasion of Ukraine.

    Initially, debates waged as to the scope, severity, and efficacy of the first round of sanctions on Russia. However, with the latest round of actions—selected banks being removed from the global financial messaging system SWIFT and restrictive measures being imposed on the Russian Central Bank (CBR)—the commitment of members of the international community is clear. Understanding the impact of these actions, however, is key. The bottom line is that these sanctions will have a significant impact on Russia’s overall economy, and average Russians are already feeling the cost. The sanctions target Russia’s domestic financial system, causing bank runs and forcing Russia’s central bank to continue hiking rates and/or to use its foreign exchange reserves. Furthermore, we believe that the CBR will have to institute strict capital controls and possibly declare a bank holiday as bank runs accelerate and demand for foreign exchange continues to rise sharply. As a result, we anticipate seeing negative growth in an economy that has already been hindered by increasing isolationism.

    Even though we are seeing some of the most serious sanctions imposed on a country in recent history, there is still an escalation ladder and, if necessary, the United States and others can continue scaling up sanctions. These could include removing energy transactions-related exceptions from sanctions against the Russian banking system, shutting down further Euro-based transactions, and prohibiting transactions in the secondary market for existing Russian debt.

    This paper will systematically look at additional sanctions that have been or could be imposed on Russia in several key areas: global payments systems, access to the U.S. Dollar, sovereign debt, hydrocarbon exports, and export controls. Equally important, it will not only analyze the effects of these latest sanctions on the Russian economy but also the broader implications for international financial markets. For example, one of the biggest impacts on the global economy is likely to be on trade. While details on how the new sanctions affect energy are still emerging, we do know that sanctions on its central bank will make it more difficult for Russia to export energy and other commodities. As a result, we may see commodity prices surge.

    Sanctions are the pre-eminent tool of economic statecraft, and President Biden and other world leaders have made it clear that these sanctions were only a first step, leaving the door open for further escalation should Russian aggression continue. In the coming days we will see limits placed on so called “golden passports,” the launch of a transatlantic task force so that today’s financial sanctions are enforced and not circumvented, and a battle will be waged against “disinformation and other forms of hybrid warfare.” In other words, we have yet to reach the top of the ladder.

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    To read the full report by the Institute of International Finance, please click here.

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    bodog online casino|Welcome Bonus_not likely to grow significantly /atp-research/chinas-wto-commitments-practices/ Thu, 01 Jul 2021 16:01:58 +0000 /?post_type=atp-research&p=29130 As China nears its 20th year of World Trade Organization (WTO) membership, originally acceding to the organization on December 11, 2001, it has never been further away from faithfully committing...

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    As China nears its 20th year of World Trade Organization (WTO) membership, originally acceding to the organization on December 11, 2001, it has never been further away from faithfully committing to the foundational principles and tenets of the organization and its fundamental obligations and commitments. WTO membership comes with rights to enjoy preferential access to other nations’ markets, but also responsibilities. In particular, it commits nations to support and pursue “open, market-oriented policies” in accordance with the foundational principles of “non-discrimination, market access, reciprocity, and fairness.”

    China has taken full advantage of its WTO rights. It has also largely ignored the responsibilities and commitments through its embrace of state-directed capitalism predicated upon an aggressive innovation mercantilism. This mercantilism denies foreign enterprises access to Chinese markets on reciprocal terms; distorts global markets, including for advanced-technology goods; and deprives nations of the benefits they believed they would receive when granting China accession into the community of trading nations.

    In this report, China’s accession to the WTO is recounted along with the trade rules with which it fails to comply. The report also describes the economic benefits China has accrued in part by not complying with its WTO commitments. Lastly, it offers policy recommendations for policymakers from the United States and like-minded nations to address the continuing China trade challenge. Our initial 2015 Information Technology and Innovation Foundation (ITIF) report on this topic, on which this report is based, is premised on China’s false promises to the WTO. Even with a full-scale Section 301 investigation initiated by the Trump administration, China has made little progress in fulfilling a wide range of its WTO commitments over the past two decades.

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    Stephen Ezell is vice president, global innovation policy, at the Information Technology and Innovation Foundation (ITIF). He focuses on science and technology policy, international competitiveness, trade, manufacturing, and services issues.

    To read the original report from the Information Technology & Innovation Foundation, please visit here

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    bodog online casino|Welcome Bonus_not likely to grow significantly /atp-research/china-us-sanctions-resilience/ Wed, 23 Jun 2021 20:36:45 +0000 /?post_type=atp-research&p=28478 Successive US administrations have embraced economic sanctions, especially financial sanctions, to punish bad actors in Iran, North Korea, Russia, and other hostile countries. Often, US officials leverage the economic pressure...

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    Successive US administrations have embraced economic sanctions, especially financial sanctions, to punish bad actors in Iran, North Korea, Russia, and other hostile countries. Often, US officials leverage the economic pressure on their targets by forcing individuals and companies outside the United States to stop transacting with those on the US sanctions list or face severe penalties. European governments have instituted blocking regulations to prohibit compliance with such extraterritorial US sanctions against their nationals, but with limited success. Most companies forsake business in countries targeted by US sanctions rather than risk losing access to the US market. China is now adopting new blocking rules to nullify the effect of foreign sanctions or other measures “unjustifiably applied” against Chinese nationals. The new rules allow Chinese government officials to issue orders prohibiting Chinese companies from complying with foreign sanctions, essentially forcing them to choose between access to the Chinese market and access to the US market, with penalties possible in either direction. For decades weak foreign pushback allowed unilateral sanctions to remain a relatively powerful tool of US economic statecraft, but the Chinese blocking rules signal a major change to the status quo. The authors argue that multinational firms operating abroad are increasingly at risk of being caught firmly between US sanctions, including export controls, and Chinese countermeasures. These pressures add to growing US-China trade frictions already pushing the restructuring of global supply chains.

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    To read the full report from the Peterson Institute for International Economics (PIIE), please click here.

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    bodog online casino|Welcome Bonus_not likely to grow significantly /atp-research/roadmap-us-eu-cooperation-china/ Sun, 28 Feb 2021 17:48:55 +0000 /?post_type=atp-research&p=28144 Over the past year, we have worked together with a diverse group of U.S. experts on China to explore how the United States and Europe can most effectively combine efforts...

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    Over the past year, we have worked together with a diverse group of U.S. experts on China to explore how the United States and Europe can most effectively combine efforts to meet the many challenges posed by China’s rise. Working with allies and partners in Europe to increase our collective leverage with China has been one of President Biden’s major themes. This paper provides concrete and practical recommendations for achieving this crucial goal.

    Developing effective trans-Atlantic collaboration on China requires a realistic understanding of how European leaders think about and approach China. Toward that end, a primary focus of our work has been intensive interactions with a broad cross-section of current European officials and experts who work on China policy. European officials are generally enthusiastic about Joe Biden’s election and the prospect of the U.S. again working in concert with allies and partners on common challenges and opportunities. They share President Biden’s view that leverage with China will be much enhanced if like-minded countries work collaboratively. Nonetheless, they have also been very candid in expressing their views about likely convergences and divergences between the U.S. and Europe concerning policies toward China. The recommendations in this paper take account of these important realities.

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    To read the full report from Yale Law School, Paul Tsai China Center, please click here

    Image from the Carnegie Endowment for International Peace 

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    bodog online casino|Welcome Bonus_not likely to grow significantly /atp-research/raising-a-caution-flag/ Mon, 04 Jan 2021 19:05:41 +0000 /?post_type=atp-research&p=25802 China’s policies in Xinjiang, Hong Kong, and the South China Sea and its ongoing support for Iran, North Korea, and Venezuela pose major challenges for the United States, where bipartisan...

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    China’s policies in Xinjiang, Hong Kong, and the South China Sea and its ongoing support for Iran, North Korea, and Venezuela pose major challenges for the United States, where bipartisan pressure is growing to ramp up punitive sanctions against leading Chinese firms and financial institutions. Financial sanctions freeze the US assets or bar US entry of the targeted individuals and firms and prohibit US financial firms from doing business with them. Schott explains why US officials should carefully weigh the risks to international financial markets and US economic interests before imposing punitive sanctions on major financial institutions engaged with China. The collateral costs of such sanctions would be sizable, damaging US producers, financial institutions, and US alliances. By restricting access of major banks to international payments in US dollars and barring use of messaging systems like SWIFT, tougher US financial sanctions would effectively “weaponize” the dollar; friends and foes alike would be pushed to seek alternatives to dollar transactions that, over time, would weaken the international role of the dollar. Instead of doubling down on current unilateral financial sanctions, US policy should deploy sanctions in collaboration with allies and calibrate trade and financial controls to match the expected policy achievements.

    To read the full brief, please click here.

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