US-Russia conflict threatens economic havoc worldwide

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Russia has accused the US of waging ‘economic war’ as it faces crippling sanctions, the seizure of its foreign reserves, and an exodus of Western corporations. Ben Aris of bne IntelliNews discusses the economic consequences of the Russian invasion of Ukraine, inside Russia and around the world.

Guest: Ben Aris. Founder and editor of bne IntelliNews.

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The Grayzone is a news and politics website dedicated to original investigative journalism and analysis on war and empire.


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  1. Ben Aris besides being full of S – – T extremely biased, and first class LIAR: he represents the SCUM of that minority of despicable Anglos, giving the majority of DECENT ANGLOS a lousy reputation!

  2. Who the F implemented these brutal global (by western/european/UK) sanctions?
    I completely understand why Russia has reacted as it as.
    No one asked the people, why?
    In UK schools right now, they are 'teaching' hatred towards Russia and all Russians.
    Without any explanation as to why we are currently where we are now.
    Indoctrination of our children is well and truly alarming.
    Russia's asks, are not unreasonable. In fact they would bring peace to the region.
    Why is there a 'solely' global focus on (only) this part of the world?
    We never had this much attention on US/UK/Nato/EU when they 'genuinely' committed war crimes.
    Why not?

  3. It is very difficult to take this guest seriously, particularly at 33:30 when he says that the Helsinki Process means that sovereign states don't have to worry anymore about territorial integrity or the autonomy to make bilateral deals and therefore Putin was delusional when he thought that the Russian Federation was under any threat from the USA/UK/EU axis. The Helsinki process hasn't helped China, Venezuela, Iran, Syria, Iraq, Lebanon, Bahrain and Yemen very much has it? He then admits the Helsinki Process hasn't worked or been applied consistently, so why does think that Russia should abandon its concerns because the West has spoken about some vague aspirations for a new world order, and how on earth can he call himself a "pragmatist" whilst offering such criticisms of Russian policy? NATO expansion would have definitely included Georgia and Ukraine unless Russia took this kind of stand. And having NATO member states on your borders means those states will be used as the springboard for creating insurgencies and colour revolutions inside Russia.

  4. No one saw Washington attack on Big Russian banks is also an attack on all the many countries including America economies that trade with Russia of which oil and gass is not only a smaller portion of Russias economy. It will decimate the encomies of Europe that has no realistic alternatives to the gass, oil. grain, rare earth metals, fertiliser ingredients the list is long.

    China, India, many of the other countries that have victims of Washington's sanctions (seige warfare) will by all the commodities that Russia is willing to sell. Even the Saudi royals and the UAE are not supportings Washington. sanctions.

  5. It isn't just about the people of Europe sitting in the dark in their homes but all the sectors that depend on energy to be productive. I don't even want to think about the massive consequences to the economy when this happens. In the name of sanity why is all this happening?

  6. The guest’s assertion that the US declined to put nato membership for Ukraine off the table out of some ideological commitment to a world of “shared values” where countries are free to “make alliances” spurned by the “Helsinki process” is moronic.

  7. 28:00 Ukraine pipeline takes its gas from fields that Russia no longer considers very viable, they're old and mostly fully exploited and it becomes more and more expensive to extract that gas. That's part of the reason why the Germans begged Russia to allow Germany with German money to build Nord stream 2. Russia finished building when the West European companies came under sanctions but again most of that money was still from Germany and German investors. All of those gas Fields already have pipelines to Asia, that's why Putin wasn't terribly interested in building Nord stream 2. This guy's just pulling most of his points out of thin air.

  8. Actually a few years ago China has signed a 10+ years up contract with Russia in buying natural gas.

    It was 380usd per cubic, or something like that.

    People complained it was a bit more expensive than the market price back then.

    But look at it now!just a fraction of the current market price.

  9. NATO needs to be dissolved. It's existence hasn't accomplished anything positive for long enough. It's just a cover for military adventurism by the USA…smh

  10. Aaron flashes his inner liberal when he laments Russia's "criminal and immoral" aggression. As John Mearsheimer often says, in great power politics there are no "morals." There is only power. You can condemn it, but the rationale of great powers is to secure self interest and security. When diplomacy fails, states feel they must act. War is an extension of this reality. And always will be so long as states rule the earth. Re-read your Machiavelli.

  11. the world will be divided in two —–the west block with access to a market place of one billion ,,,,,,,and the east with a market place of 6 billion,,,,,,,,,,,,,,,,,,,the isolation of russia is going to backfire big time ——there is a funny thing about fences ,,,,,they isolate both sides

  12. Hi Aaron, let me remind you of this: Ukraine has had a partnership with NATO ever since 1992, so one year after their independence. In 2017 – three years after the coup – it even passed a constitutional amendment that committed itself to NATO membership. Four years later, they adopted a National Security Strategy aimed at developing the NATO partnership in 2021, which was two years after Zelensky took office. They also participated in NATO missions and they joined NATO meetings. As your yesterday's guest (Nicolai N. Petro) pointed out so clearly: "This conflict is therefore not primarily about geopolitical advantage— what the West stands to gain by separating Ukraine from Russia, or what Russia stands to gain by establishing its own strategic enclave in Crimea and Donbass. These alone would never cause Ukraine’s president to rail so passionately against “the fifth column” within Ukraine. It is precisely the fact that one out of every three Ukrainians obstinately refuses to regard Russia as an “aggressor-nation” that reveals the full scope of the tragedy at the heart of this conflict, namely that opposing sides of the Ukrainian political community have adopted extreme positions about what constitutes justice." Justice is not served by excluding a substantial part of its own population (20% of the voters were therefore excluded from the 2019 presidential elections) and thus a major obstacle to a possible membership of NATO and the EU. This, in my opinion, is also the reason why the US has insisted on a (preferably enforced) settlement of this struggle in the Donbas region because it has had a clear agenda for a long time and that was twofold: ending the supply of Russian gas to Europe and thus contain Russia. Biden needed a great success to reverse the poll numbers and the most miraculous thing is happening right now because in this process he is supported by a number of Republican senators who, through stupid rhetoric, even want to drag the World into war with all the disastrous consequences that entails.
    So Aaron, keep up the good work you are doing in convincing the people that – as Putin himself stated – we find ourselves on a slippery path that in a worst-case scenario has no winners; only losers! The world needs great statesmen at this time who, at an appropriate distance from the current power politics, can keep a cool head and mediate so that this madness can be turned around for the benefit of every citizen of the planet.

  13. Over the centuries the misconception of Russia has been fueled by certain special interests who hate Russia, its civilization, culture and its spiritual life. Russia, according to these interests, is a land of slaves who admire cruelty and raw power. This phobia of all things Russian can be traced to members of the so-called "illuminated " philosophical societies; secret Masonic lodges and financiers who undermined France and brought about the Reign of Terror in the 1790s.
    The concept of the Russian soul, so often derided and misunderstood by the Western media, is in fact real and a great uniting bond among all Russian people.
    Socialism in Russia was imported from the West and imposed by force and violence at the cost of millions of lives, as it was so alien and incomprehensible to the Russian people.
    Russian resistance to bow to alien ideologies enraged all the proponents of socialism and liberal democracy. If not gracefully accepted by natives, it must be imposed by force regardless of the cost in human lives and national destruction.
    Erroneous views of a "dark and obscurantist Russia " made it a justification to impose a "liberating socialism" on Russia.
    The academic, mass media and show-business controllers of the West always have been in sympathy with Bolshevik and Marxist enforcers who took over Russia in 1917. The people of the world have only one choice: to accept "modern democracy" as defined by media-academic-liberal establishment. If they choose anything else they are immediately demonized and subject to the most violent punishment and enforcement. Russians must forever be prohibited from finding their own way of life and development and retain the culture and history that bound them together.
    The forces that unleashed communism in Russia from the Western civilization at the turn of the previous century are very much in power today and efforts to subjugate Russia have never been stronger. Russia and Russian people are a friendly universe who should never be conquered by alien systems and ideologies aiming to destroy its history, culture and very nationhood. Was the Soviet Union not created in New York city and london and Berlin by bankers please? Those who created the Soviet Union are the same people who created the State of Israel..

  14. It's not like the US and UK haven't got form when it comes to robbing other nations funds. Afghanistan just recently, Venezuelan gold, Libya gold Iran it's become normalised; n the West and if Putin didn't expect the west to rob them of anything and everything held in western banks, then they were dluding themselves

  15. The level of Western racism (unintentionally but such is the case with the "liberal" mindset) against people in Russia is truly astounding. If anyone is not of the luxurious West is suddenly deemed not "successful". Everyone must be Western because the West is the definition of success. City centers are success. The rest of the West looks like the third world but nobody in print really notices those people because why would they. Focusing on upper middle class identity groups makes it easier to disregard 60% of the population. The irony of a psychological type who deems itself the "guardians of the sympathetic" are truly just solipsistic wankers. A life of seeking out momentary euphoria followed by long periods of emptiness and void filling.

  16. Ben Aris seems like a very knowledgeable, intelligent man. But I believe he is very much mistaken about the state of affairs in Russia. They are way more prepared than he gives them credit for. They will hurt in the short term, but are ultimately sitting pretty. Putin is not 'willing to wreck Russia's economy'. This follows the typical narrative of Putin the madman. Russia are now highly self-sufficient. Also there are other markets that want his products, which are mainly all essentials (eg. China, India, Iran, etc, etc).

  17. Being formally a part of NATO is not the only issue. Another thing is being used as a NATO base, which is what Ukraine had become after 2014 and more so after Biden and the crazy Nuland bunch came into power.

  18. Listen. Putin is fixated on getting ahead of what's coming. He understands the empire is desperate coming off covid and their only play left is bully the world into submission. He's gambling that the West would ultimately rather do a security deal than send poor kids from North Carolina to go fight Russians. And he's right.

  19. US made a big mistake by freezing some of Russian reserves, this basically demonstrates that no country can safely keep its reserves in US and it’s allies jurisdiction. Basically, it’s a default of Us obligations before Russian central bank. As a retaliation, Russia freezed all foreigners shares in Russian enterprises, so no one can sell it anymore untill Russian reserves will be unfrozen. And another thing, all the foreign corporate debt will be paid in roubles, local currency. Basically, the swap happened – russian central bank reserves for corporate foreign debt. And corporate foreign debt together with frozen shares constitute for about 1 trill.. dollars. A few times bigger than frozen reserves.

  20. Thank God I understand the guest courtesy of islamic eschatology. His character is copy and paste of the antichrist, cheating and lying through the cheeks. The western civilization in general has raised people so addicted to lies day and night.

  21. This isn't an economic war the US Is waging any longer, its gone wayyyyy beyond that targeting every kind of citizen in Russia, not just politicians and military but also sports people, business people, musicians, international students and every type of citizen in Russia is targeted by the US and EU countries. Everything that even sounds Russian is witch hunted like the biggest criminals even though they have nothing to do within Ukraïne at the moment.
    This is a true all out full cold war the West has unleashed upon Russia.

  22. This guy seems suspicious to me. He condemns Putins use of "excessive force", while saying Putin initially did not use Russias full military power. He says Putin didnt see the sanctions comming, and I think that is hard to imagine. He says Putin is "extreme", while Putin is actually being too mild.

  23. Before WW2 started in Europe sanctions against Germany were imposed in 1933. WW1 and WW2 were picnics and WW3 will be a disaster for humanity and especially nuclear powers where a large part of humanity will be decimated.

  24. 'Love' it, when Aaron calls it criminal. I call it criminal to watch mass murder and do nothing. Or worse: to watch mass murder and arm the criminals, so they can mass murder even better.

    Withou our western money and arms, the slaughter in East Ukraine would have been impossible.

    When stopping mass murder is a crime – well, sorry, not something I will ever agree to. In that case stopping the original nazis was a crime, too. And there was much less holding back and trying it with talks. And again: it was necessary. Sadly.

    Just the same as in Ukraine now. Seven years of trying to stop that rape. At some point you are simply an accomplice…

    The west could have stopped it. But the west did not want it at all. THAT'S the crime.

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