THE U.S. – RUSSIA ECONOMIC WAR IN COLD WAR 2.0: SANCTIONS, FRAGMENTATION, AND GLOBAL REGIONALIZATION

Abstract

This article examines the economic confrontation between the United States and Russia within the broader context of great-power competition and the emerging framework often described as “Cold War 2.0.” The study focuses on the unprecedented economic sanctions imposed by the United States and its Western allies on Russia following the Russia – Ukraine conflict in 2022, including financial sanctions, trade restrictions, technology controls, and exclusion from major international payment systems. The article assesses the impact of these sanctions on the Russian economy and analyzes their broader implications for the global economic system. At the same time, it explores Russia’s strategic responses, such as promoting de-dollarization, expanding the use of national currencies in international transactions, strengthening economic cooperation within the BRICS framework, and deepening ties with countries in the Global South. The study argues that the U.S. – Russia economic confrontation represents not only a geopolitical instrument of pressure but also a manifestation of structural shifts in the global economic order. These developments signal a transition from a liberal, highly integrated globalization model toward a more fragmented system shaped by geopolitical blocs and strategic alliances. In this context, the effectiveness of economic sanctions and the leadership role of the Western-led economic order are increasingly being questioned.