Sanctions on Russia: Implications for Emerging Markets


Alicia Garcia Herrero & Edwin Lai (HKUST), David Skilling (Landfall Strategy) and Alminas Žaldokas (HKUST)
Friday 1 April 2022 at 4:00 - 5:15 pm (Hong Kong time, GMT +8)
YouTube Live

Video and event materials

The webinar is being live-streamed on our YouTube channel. 

Prof Lai's presentation slides are available here


The US government and its allies have responded to Russia’s attack on Ukraine with far-reaching financial sanctions, including freezing assets and banning Russian banks from SWIFT. By limiting the Russian central bank’s access to its foreign reserves of more than USD 600 billion, the sanctions have already dealt a large blow to the Russian currency, Russian financial markets and businesses, and possibly the ability of the state to finance itself.  China’s absence from the sanctions also has important implications. To what extent would Russian entities be able to circumvent the sanctions through China, for instance, a Chinese version of SWIFT? Would the sanctions give a boost to the RMB as a reserve currency? More broadly, what longer-term impacts would the sanctions have on global financial order as well as on near-term growth and inflation prospects, particularly in emerging markets? 

This webinar is jointly organized with Institute for Public Policy, HKUST

Alicia Garcia Herrero is Chief Economist for Asia Pacific at Natixis. She also serves as Senior Fellow at European think-tank BRUEGEL and Research Fellow at Real Instituto Elcano and is currently Adjunct Professor at the Hong Kong University of Science and Technology. Finally, Alicia is an advisor to the Hong Kong Monetary Authority’s research arm (HKIMR) and the Asian Development Bank (ADB) as well as a member of the board of the Hong Kong Forum. More >>

Edwin L. C. Lai is Professor of Economics at HKUST. He has been a Senior Research Economist and Adviser at the Federal Reserve Bank of Dallas, a consultant with the World Bank, and a visiting fellow at Princeton University. He is an associate editor of Review of International Economics and has published numerous papers in leading economics journals. More >>

David Skilling is the founding Director of Landfall Strategy Group, an economic and policy advisory firm that works with governments, firms and financial institutions in Asia, the Middle East, and Europe, with a specific focus on small advanced economies.  David has previously worked in various roles in the New Zealand Government, founded an independent economic think tank in New Zealand, and was with the McKinsey Global Institute and McKinsey & Co in Singapore. More >>

Alminas Žaldokas is Associate Professor of Finance and Lee Heng Fellow at The Hong Kong University of Science and Technology. In one of his IEMS-funded research projects, he studies the effects of trade-related sanctions following the Russia-Ukraine conflict in 2014. Alminas serves on the board of directors of the European Chamber of Commerce in Hong Kong. Before his academic career, Alminas worked as an investment banking consultant with assignments in Lithuania, Latvia, and Belarus. More >>

Donald Low, director of HKUST IEMS, will moderate this event. 


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