It has been nearly three months since Russia invaded Ukraine and, despite Ukraine’s remarkable resistance and the implementation of an aggressive sanctions package on Russia, there appears to be no end in sight to the war. Until now, a majority of analysis has focused on Russia’s military failures, Zelensky’s impressive leadership, and the surprisingly unified response of the international community. What has been relatively overlooked is the resilience of Russia’s economy when it comes to surviving sanctions. In a globalized world that is already suffering from supply chain problems, an energy shortage, and an economic slowdown, it is remarkable that sanctions have failed to bring Russia’s economy to its knees.
Before we address how Russia has managed to stave off economic disaster so far, it is necessary to understand the scale of the sanctions it faces. Perhaps most noteworthy is the sanctioning of Russia’s central bank, an unprecedented move that … Read more