The harsh sanctions imposed on Russia and the resulting crash of the ruble have the Kremlin scrambling to keep the country’s economy running. For Vladimir Putin, that means finding workaround…
WASHINGTON — The harsh sanctions imposed on Russia and the resulting crash of the ruble have the Kremlin scrambling to keep the country’s economy running. For Vladimir Putin, that means finding workarounds to the Western economic blockade even as his forces continue to invade Ukraine.
The U.S. and EU have levied sanctions on Russia’s biggest banks and its elite, frozen the assets of the country’s Central Bank located outside the country, and excluded its financial institutions from the SWIFT bank messaging system — but have largely allowed its oil and natural gas to continue to flow freely to the rest of the world.
However, Smith said the Chinese and others “will be driving incredibly hard bargains” now that Russia has fewer willing buyers, and China will want to avoid being subject to secondary sanctions or sanctions violations enforcement. Tyler Kustra, an assistant professor of politics at the University of Nottingham who has studied economic sanctions, said Moscow had already been adopting a “Fortress Russia economy” — producing many goods domestically even if it was easier to import them — to shield the economy from sanctions.
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