Russia’s war in Ukraine has had a significant impact on its economy, with the West imposing over 16,000 sanctions to cripple it. Despite this, Russia has proven surprisingly resilient and has managed to keep its economy afloat through increased military spending and new partnerships with countries like China and India. However, a recent article in the Financial Times paints a bleak picture of Russia’s relative power in the world’s geopolitical hierarchy and the economic consequences that come with it.
Anastasiia Stognei, Russia correspondent for the Financial Times, discusses conflicting views about the long-term consequences of the war on Russia’s economy. While the Kremlin portrays this as a sign of the West’s failure to defeat Russia, a closer look reveals a more desperate situation. The sanctions have had a significant impact on the Russian economy, forcing the Kremlin to employ various strategies to keep it afloat. Increased military spending and forming partnerships with non-Western countries have been key tactics in mitigating the effects of the sanctions. However, it remains uncertain what long-term effects these strategies will have on Russian society and future trade relations.
As tensions continue between Russia and Ukraine, it is clear that the consequences of this war will be felt for years to come both in Russia and globally. It is crucial for policymakers to carefully consider their actions when implementing sanctions against other countries, as they may not always yield their desired results.