Economists are baffled by Russia's new sanctions against the West

Economists are baffled by Russia's new sanctions against the West
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After the introduction of new Western sanctions against Russia last month as punishment for its role in destabilizing Ukraine, Russia has returned fire by announcing a raft of sanctions of its own. Economists, however, are baffled at the Russian decision. While the Western sanctions have hurt the Russian economy, Russia's retaliatory sanctions will hurt its own economy even more.

Western sanctions started with asset freezes of senior officials and companies linked to the Putin regime. However, they were expanded last month to include limitations on Russian banks, as well as to halt exports to Russia of arms and high-tech oil-and gas exploration equipment.

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John Aziz is the economics and business correspondent at TheWeek.com. He is also an associate editor at Pieria.co.uk. Previously his work has appeared on Business Insider, Zero Hedge, and Noahpinion.