The economic war that the West launched against Russia in the days following the invasion of Ukraine has already cost developing nations $379bn, analysts estimate.
The figure is based on an assumption that Western governments are collectively burning through $2bn a week to cope with elevated commodity prices and losses caused by slowing economies during the six months the war has been going on, reports the Japan Times.
Reserves exhausted this year in crisis fighting represent less than 6% of total holdings, according to data from the International Monetary Fund for 65 developing nations, but that is the fastest drop since a 2015 currency meltdown led by China’s…
