Prospects for Eurasian Economic Integration in the Context of Rising Global Challenges and Threats

Abstract

Facing a full-blown crisis caused by the COVID-19 pandemic, governments of many countries have introduced containment measures resulted in shutdown of various economic sectors. Those restrictive actions have caused nearly complete freezing of international passenger transportation and various services sectors, severing global supply chains. The article demonstrates that sanctions, embargoes and trade wars in this conditions reduce the world economy potential for recovery from the coronacrisis, jeopardizing the affected countries’ abilities to mobilize resources which are necessary for mitigating the negative social implications of the pandemic. Ultimately, the sanctions adversely affect the ordinary people’s life, exacerbating the global inequality in favor of a few countries’ "economic egotism".