On April 18, 2025, the University of World Economy and Diplomacy (UWED) hosted a guest lecture by Esfandyar Batmanghelidj, the founder and CEO of the Bourse & Bazaar Foundation, who is also a professor at the Bologna Center of the School of Advanced International Studies (SAIS) at Johns Hopkins University.

During his meeting with students, the guest speaker presented on the topic “Assessing the Indirect Impact of Sanctions on the Economic Development of Central Asia”.

In the first part of the lecture, Professor Batmanghelidj, drawing on the work of Richard Nephew and his book “The Art of Sanctions”, explained what sanctions are, their various types, and the reasons they are imposed. Using the examples of Iraq, Iran, and Russia, he demonstrated how sanctions are implemented in practice and their potential consequences.

The professor then discussed the financial power of the United States, the reasons behind its formation, and the role and functioning of the international banking system and the SWIFT system.

In the concluding part of the lecture, he examined how sanctions affect the economic development of Central Asian countries and the measures these states are taking to adapt and respond to global changes.

Wrapping up his lecture, Esfandyar Batmanghelidj emphasized the need to view diplomacy and global economics as one discipline in today’s context: “We are in an era of economic statecraft and economic warfare. There is plenty of uncertainty. But there is also opportunity for a country like Uzbekistan to chart a new path”.

The students demonstrated great interest in the topic and actively engaged with the professor, asking questions about the impact of sanctions on the investment climate, international trade, financial stability, and ways for regional economies to adapt under external pressure. They noted that the lecture was both insightful and informative.