Russia Sanctions Alternative Punishment Given "UN Paralysis": Raghuram Rajan

Harsh sanctions on Russia for an "unwarranted assault" on a neighbouring country are an alternative form of punishment because the global governance system no longer works, Raghuram Rajan, Former Governor of the Reserve Bank of India told NDTV. He added that the economic damage on Russia will be substantial as it had not bargained on such a scale of sanctions, even on their central bank for example. "They didn't foresee the large-scale sanctions on everything, including the spillover to even sanctions on energy," he said. Arguing that since Russia vetoes everything at the United Nations, he said that sanctions are an attempt to maintain the global order through new weapons because the old weapons have been rendered unusable.