With the one-year anniversary of the Russian invasion of Ukraine upon us, it’s time to take stock of how things have been going. The land battles in Ukraine draw most of the headlines and it’s obvious that Russia’s military has vastly underperformed in terms of the original expectations of many analysts. But the other element of the allied response to the invasion was the economic warfare being waged against Moscow. You may recall that Joe Biden gave a speech one month into the war, preemptively declaring victory, famously saying that the ruble “has been reduced to rubble.” But did that turn out to be true? The Associated Press published a review of the Russian economy over the past year and found that Biden’s predictions about the impact of the sanctions were, to put it charitably, overly optimistic.Read More
How’s that economic warfare against Russia going?
