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Counting the costs: On ceasefire talks and sanctions on Russia

Talks to end the war are a must as sanctions on Russia will hurt the wider world

Saturday's announcement by the U.S., the U.K. and European allies, including France and Germany, of
a raft of 'further restrictive economic measures' to increase the costs on Russia for its invasion of
Ukraine has just raised the risks of a more widespread economic fallout from this war. With a view to
further isolating Russia from the international financial system, the Western allies decided to block
'selected' Russian banks from the SWIFT messaging system that banks and financial institutions use to
validate and complete international payment transactions. They also resolved to impose restrictions
on the Russian central bank's ability to access and deploy the country's 'war chest' of an estimated
$630 billion in foreign exchange reserves. The immediate impact of these moves on Russia's economy
and financial markets has manifested in a sharp depreciation in the value of the rouble – the
currency tumbled almost 30% intra-day to a record low against the dollar in Asian trading on Monday
and has weakened about 26% so far in 2022. They also forced the country's central bank to more
than double its benchmark interest rate to 20%, the highest in almost two decades, and impose
controls on capital flows. Russia's largest lender Sberbank found its European arm facing a run on its
deposits, which the European Central Bank warned could lead to the unit's 'failure'. With Russians
waiting in long queues outside ATMs on fears of likely cash shortages, the country's citizens face the
real prospect of runaway inflation.

But the economic costs of Vladimir Putin's unilateral decision to embark on what he called a 'special
military operation' to describe Russia's all-out invasion of its western neighbour last week are already
being felt worldwide. European banks and companies with significant business exposure to Russia
have taken a beating on the bourses given the extent to which the sharp escalation in the sanctions
is certain to hurt their operations and revenues. And though the Western allies have carefully avoided
any mention so far on closing the tap on Russia's massive exports of oil and gas that contribute
substantially to the country's current-account surplus, concerns about possible disruptions to
shipments from the world's second-largest producer of oil have pushed the price of Brent crude
futures well above $100 a barrel. With most large European economies majorly reliant on energy
supplies from Russia, the spectre of rising energy costs fanning a bruising acceleration in inflation in
Europe and worldwide is very real. At a time when a durable recovery from the shock of the COVID-
19 pandemic is yet to take hold, the war initiated by Russia, and the consequent sanctions on it,
especially if widened to cover countries that seek to bypass the sanctions regime, pose a challenge to
the global economy that Rabo Bank's economists projected could be 'so bad' as to be unquantifiable.
Expedient negotiations to end the conflict are the only way forward. [Practice Exercise]

 Red/blue coloring of words in the sentence indicates subject verb relationship; where ‘Red’
denotes ‘subject’ and ‘blue’ denotes verb’

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Vocabulary
1. Count the cost (phrase) – Experience the 12. Widespread (adjective) – extensive,
adverse consequences of something pervasive, universal, common

2. Ceasefire (noun) –armistice, suspension of

13. Fallout (noun) – adverse result,
hostilities, cessation of hostilities, peace
repercussions, after-effects, outcome

3. Sanction (noun) – an official order, such as

14. With a view to (phrase) – with the aim of
the stopping of trade, that is taken against
doing something
a country in order to make it obey
international law 15. Isolate (verb) – separate, set apart,
segregate, detach, cut off अ -थ
4. Must (noun) – Something that should not
to be missed, necessity, essential, requisite

16. SWIFT (noun) – Society for Worldwide

5. Hurt (verb) – harm, damage, do harm to, Interbank Financial Telecommunications:
an electronic system used by banks and
undermine
financial organizations around the world
6. Wider (adjective) – More for sending payments to each other
wide/comprehensive 17. Validate (verb) – approve, agree to,
accept, consent to, authorize
7. Ally (noun) – associate, confederate,
partner, supporter 18. Resolve (verb) – determine, decide, take a
decision, reach a decision /
8. Raft (noun) – A large amount/series of
something.

9. Restrictive (adjective) – prohibitive, 19. Impose (verb) – foist, force, thrust, inflict,
constraining, constrictive, limiting. obtrude थ

20. Deploy (verb) – use, utilize, make use of,

10. Cost (noun) – Suffering, loss, damage, avail oneself of
Detriment
21. War chest (noun) – A reserve of funds that
11. Invasion (noun) – attack, incursion, a government keeps for fighting a war.
assailing, encroachment /

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22. Manifest (verb) – display, show, exhibit, 34. Run (on) (noun) – demand for, rush for,
demonstrate sudden request for (for repayment from
bank)
23. Depreciation (noun) – decrease in value,
reduction, decline, plunge 35. Lead (to) (verb) – be the cause of, result in,
cause, bring on, give rise to
24. Rouble (noun) – currency of the Russia
36. Queue (noun) – waiting line, row, chain
25. Tumble (verb) – fall sharply, fall steeply,
plummet, plunge
37. Likely (adjective) – probable, distinctly
26. Intra – (prefix) – Within
possible, to be expected
27. Weaken (verb) – enfeeble, debilitate;
38. Prospect (noun) – likelihood, hope,
reduce, decrease
expectation, anticipation, chance
28. So far (phrase) – until now, up till now,
39. Runaway inflation (noun) – it refers to a
thus far अ
very rapid inflation, which is almost
29. Benchmark interest rate (noun) –the impossible to reduce.
minimum rate of interest that is set by a
40. Unilateral (adjective) – One-sided,
central bank, and which is the lowest rate
individual, Independent (of an action or
at which it lends money to other banks.
decision)
This rate affects the interest rates which
are then charged to customers by the
41. Embark (on) (verb) – begin, start,
banks
commence, undertake, set about
30. Decade (noun) – A period of ten years.

42. What (pronoun) – The thing or things that

31. Capital flow (noun) – the movement of (used in specifying something)
money for investment in and out of
43. All-out (adjective) – complete, exhaustive,
countries
intensive, thorough
32. Lender (noun) – An organization or person
44. Worldwide (adjective) – Extending or
that lends money.
reaching throughout the world; global,
33. Arm (noun) – branch, section, department, international
division

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45. Exposure (noun) – the act of investing in
something.
46. Take a beating (phrase) – to lose a
significant amount on an investment very
quickly; Suffer damage
47. Bourse (noun) – stock exchange, money
market.
48. Given (preposition) – considering, taking
into consideration, bearing in mind
49. Extent (noun) – degree, scale, level
50. Escalation (noun) – rapid increase, rise,
hike, advance, growth
51. Close the tap on something (phrase) – to
restrict the flow of liquidity (i.e. cash).
52. Substantially (adverb) – considerably,
significantly, greatly
53. The country (noun) – Here it refers to
Russia.
54. Current-account surplus (noun) –It refers
that a country has more exports than
imports of goods and services.
55. Disruption (noun) – disturbance,
disordering, disarrangement, interference
56. Brent crude (noun) – Brent is the name
given to a relatively light crude oil made
from a blend of crudes from 19 oil fields in
the North Sea. Brent Crude is one of the
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three main benchmarks for crude oil prices
per barrel, along with West Texas
Intermediate (WTI) from North America
and Dubai Crude from the Persian Gulf.
57. Reliant (on) (adjective) – Dependent,
contingent on,
58. Spectre (noun) – the idea of something
unpleasant that might happen in the
future
59. Fan (verb) – intensify, increase, agitate,
inflame, exacerbate
60. Bruising (adjective) – Hurting, damaging,
bashing, injuring.
61. Acceleration (noun) – increase, rise,
advance, leap, surge, escalation
62. Durable (adjective) – lasting, long-term,
enduring, stable , permanent थ
63. Take hold (phrase) – to become strong; to
be established
64. Consequent (adjective) – resulting,
resultant, ensuing, consequential
65. Widen (verb) – broaden, become wider,
spread, expand, extend,
66. Seek (verb) – try, attempt, endeavour,
strive
67. Bypass (verb) – ignore, pass over, miss out,
avoid, neglect
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68. Regime (noun) – system, arrangement, 72. Expedient (adjective) – convenient,

scheme थ appropriate, useful, effective

69. Pose (verb) – constitute, create, cause, 73. Negotiation (noun) – discussion, talks,
produce, give rise to ( ) consultation

70. Project (verb) – forecast, predict, estimate, 74. The way forward (phrase) – the best
calculate अ option or solution.

71. Unquantifiable (adjective) –

immeasurable, incalculable, indefinable
अ

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Practice Exercise
Direction (Q1 – Q3): Select the best express synonym of the highlighted words [Editorial Page]
1. But the economic costs of Vladimir Putin's unilateral decision to embark on what he called a
'special military operation' to describe Russia's all-out invasion
A. Construe
B. Propriety
C. Autocratic
D. Commence
2. Pose a challenge to the global economy that Rabo Bank's economists projected could be 'so
bad' as to be unquantifiable.
A. Immeasurable
B. Approbation
C. Cajole
D. Dilettante
3. The currency tumbled almost 30% intra-day to a record low against the dollar in Asian trading
on Monday
A. Defame
B. Peremptory
C. Analogy
D. Plunge
Direction (Q4 – Q5): Select the antonym of the highlight word referred in the sentence.
4. The immediate impact of these moves on Russia's economy and financial markets have
manifested in a sharp depreciation in the value of the rouble
A. Explicit
B. Hide
C. Incipient
D. Ostentatious
5. At a time when a durable recovery from the shock of the COVID-19 pandemic is yet to take
hold
A. Orthodox
B. Preempt
C. Ephemeral
D. Insinuate
Direction (Q6 – Q10): Spot the grammatical error in the given sentence [Answer]
6. He reassured to his boss (A)/ that he had no plans (B)/ to leave the company. (C)/ No error (D)
7. The company reports (A)/ that the demand for their computers (B)/ are growing every day.
(C)/ no error (D)
8. When I saw the dress, (A)/ I knew it was exactly (B)/ what I had looked for. (C)/ No error(D)
9. I promise (A)/ I call you (B)/ as soon as I get home. (C)/ No error (D)
10. I am afraid (A)/ I did a mistake (B)/ in the calculation. (C)/ No error(D)

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Cloze test based on Editorial: A testing vote [Answer]

The Russian veto of resolution 8979 was a predetermined outcome: as a permanent UNSC member,
Russia has __________11__________UNSC resolutions earlier that were critical of its decision to send
troops into Georgia (2008), and Crimea (2014), and could hardly have done otherwise. What was
perhaps more disappointing for the western coalition was that it was unable to move India from its
consistent position of abstention. China shifted from its support for Russia in the previous vote to
abstention after the U.S. and Albania, the two “penholders” of the resolution, agreed to drop the
reference to Chapter VII (the authorisation of the use of force against Russian troops). The coalition
against Russia is making a political statement at the UN, but not setting much store on the global
body’s effectiveness. Instead, the U.S. and the EU have adopted unilateral sanctions which they hope
will _________12___________ Russian President Vladimir Putin’s ability to sustain a longer assault on
Ukraine, and also ___________13__________ the Russian economy from the international SWIFT
transaction system. In addition, the U.S., Germany and other countries have announced weapon
supplies for Ukrainian forces. However, in the absence of direct air power assistance and foreign
troops, it is unlikely that Ukraine will be able to change the balance of power in the
____________14____________ with Russia easily.
11. A. Lampooned B. Vetoed
C. Rebuked D. Obfuscated

12. A. Cripple B. Proselytized

C. Mediated D. Stipulated

13. A. Alleged B. Pacified

C. Circumvented D. Excised

14. A. Stability B. Equilibrium

C. Equation D. Remainder

15. Para Jumble based on Editorial: A testing vote

P. that India would not take any stand against Russia.
Q. India’s abstention from the UNSC resolution too was perhaps a foregone conclusion.
R. Russia is India’s most trusted P-5 ally when it comes to blocking intrusive resolutions on
Kashmir.
S. In contrast, Mr. Modi only accepted the call from the Ukrainian President after the vote, and
rather than offering support, requested assistance for the safe exit of Indian students.
T. Prime Minister Narendra Modi’s decision to take a call from Mr. Putin before the vote
indicated
U. Apart from the India-Russia defence and strategic partnership,
A. RQPSTU B. QTPURS C.STUPQR D.STPUQR E. RQPUTS

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Answer
1. D 2. A 3.D 4.B 5.C 6.A 7.C 8.C 9.B 10.B 11.B 12.A 13.D
14. C 15. B [Practice Exercise] [Cloze test]
Explanation
6. (A) ‘to’ का प्रयोग आनवश्यक है क्योंकक ‘assure/reassure somebody’ का प्रयोग होता है ; जैसे-
i. He assured me that he would help me.
ii. She reassured him that she would help her.
7. (C) ‘are’ के बदऱे ‘is’ का प्रयोग होगा क्योंकक that-clause का subject ‘the demand’ singular है
जजसके लऱए singular verb का प्रयोग होगा।
8. (C) ‘had looked’ के बदऱे ‘had been looking’ का प्रयोग होगा क्योंकक ‘dress’ के खोजने का काम
past के past में जारी था और past के past में जारी कायय के लऱए past perfect continuous
tense का प्रयोग होता है ।
9. (B) ‘call’ के बदऱे ‘will call’ का प्रयोग होगा क्योंकक ‘call’ करने का काम ‘घर पहॉचने पर’ अथायत
future में होगा।
10. (B) ‘did’ के बदऱे ‘made’ का प्रयोग होगा क्योंकक ‘गऱती करना’ के लऱए ‘make a mistake’ का
प्रयोग होता है , न कक ‘do a mistake’ का।
11. Veto (verb) – reject, dismiss, rule against, overrule
12. Cripple (verb) – impair, hamper, impede, cramp, sabotage /
13. Excise (verb) –cancel, delete, delete, strike out /
14. The equation (noun) – situation, circumstance थ
15. India’s abstention from the UNSC resolution too was perhaps a foregone conclusion.
Prime Minister Narendra Modi’s decision to take a call from Mr. Putin before the vote
indicated that India would not take any stand against Russia. Apart from the India-
Russia defence and strategic partnership, Russia is India’s most trusted P-5 ally when
it comes to blocking intrusive resolutions on Kashmir. In contrast, Mr. Modi only
accepted the call from the Ukrainian President after the vote, and rather than offering
support, requested assistance for the safe exit of Indian students.
Explanation in English
6. (A)Use of 'to' is unnecessary because 'assure/reassure somebody' is used;
like-
i. He assured me that he would help me.
ii. She reassured him that she would help her.

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7. (C) 'is' will be used instead of 'are' because the subject 'the demand' of that-
clause is singular for which singular verb will be used.
8. (C) 'Had been looking' will be used instead of 'had looked' because the work
of finding 'dress' was going on in the past and past perfect continuous tense
is used for the work in the past.

9. (B) 'Will call' will be used instead of 'call' because the work of 'calling' will be
done 'on reaching home' i.e. in future.

10. (B) 'made' will be used instead of 'did' because 'make a mistake' is used for
'flounder' and not 'do a mistake'

Explanation of other important words

Sr.NO Words Meanings
Q1 Construe verb To interpret ,
अथ
Propriety noun Properness; good manners
Autocratic adjective Ruling with absolute authority; ,
extremely bossy
Q2 Approbation noun Approval; praise , थ

Cajole verb To persuade someone to do something , ,

which he or she doesn’t want to do

Dilettante noun Someone with superficial knowledge of - ,

the arts; an amateur; a dabbler
Q3 Defame verb To libel or slander; to ruin the good
name of
Peremptory adjective Final; categorical; dictatorial

Analogy noun A comparison of one thing to another;

similarity
Q4 Explicit adjective Clearly and directly expressed , ,

Incipient adjective Beginning; emerging ,

Ostentatious adjective Excessively conspicuous; showing off

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Q5 Orthodox adjective Conventional; adhering to established

principles or doctrines, especially in
religion; by the book

Preempt verb To seize something by prior right

Insinuate verb To hint; to creep in
Q11 Lampoon verb To satirize; to mock; to parody

Rebuke verb To criticize sharply

To darken; to confuse; to make

Obfuscate verb अ
confusing
Q12 To convert from one religion or
Proselytize verb doctrine to another; to recruit converts
to a religion or doctrine.
Mediate verb To help settle difference थ
To require something as part of an
Stipulate verb
agreement
Q13 Allege verb To assert without proof
Pacify verb To calm someone down; to placate
Circumvent verb To frustrate as though by surrounding ,

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