How the impact of western sanctions on Russia could affect GCC states

How the impact of western sanctions on Russia could affect GCC states

The MENA region has broadly taken a neutral stance towards the Ukraine crisis, but the macro-economic impact of sanctions on Russia by the west can be substantial, according to an analyst.

M R Raghu, CEO of Marmore MENA Intelligence, said countries within the GCC have verbally condemned the growing humanitarian crisis resulting from the invasion of Ukraine, but at the same time have refrained from imposing any economic sanctions on Russia.

“The OPEC+ stuck to its previously agreed production increases, not paying too much heed to the western demands of increasing the production further,” he said.

“Although no sanctions apply to the GCC states, the macro-economic impact of sanctions on Russia by the west can be substantial.”