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Russia’s economy is growing, but can it last?
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Russia’s full-scale invasion of Ukraine in February 2022 not only sparked international outrage. It also triggered a wave of sanctions designed to weaken the Kremlin’s ability to wage war against its neighbour.
Russia’s assets abroad were frozen, its economy cut off from the global financial system, its energy exports targeted.
I can remember Western officials and commentators describing the sanctions as “crippling”, “debilitating” and “unprecedented”. With adjectives like these filling the airwaves, the situation seemed clear. There was surely no way that Russia’s economy would withstand the pressures.
Faced with the prospect of economic collapse, the Kremlin would be forced to back down and withdraw its troops. Wouldn’t it?
Twenty-seven months on, the war rages on. Far from…
