Updated: Feb 18
Swiftly following the Russian invasion of Ukraine, the West spearheaded by the US unleashed the “mother of all sanctions” onto Russia. Many Western analysts and academics predicted severe economic recession, with anticipated double-digit falls in domestic output paralleling the chaos of the 90s in Russia. Now – nearly a year after the outset of war – the Russian economy has perhaps even realised slight growth, and the policy efforts of Western sanctions have yet to bear fruit. How could the Russian economy withstand the targeted efforts to see its demise, and instead challenge the unipolar economic order of the previous three decades?