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Wednesday, April 24, 2024

The West tried to crush Russia’s economy. Why hasn’t it worked?

The West tried to crush Russia’s economy. Why hasn’t it worked?

From an unenforced oil price cap to rogue countries teaming up, Moscow is exploiting the West’s weaknesses.

By NAHAL TOOSIARI HAWKINS, KOEN VERHELST, GABRIEL GAVIN and KYLE DUGGAN, POLITICO

Oil income: slashed. Oligarchs’ assets: frozen. Access to weapons: choked.

Russia has faced a historic slew of penalties from Washington, Brussels and beyond since it launched its full-scale invasion of Ukraine on Feb. 24, 2022. The punishments, chiefly economic sanctions, were designed in large part to drain Russia’s coffers so it would struggle to fund its war. And more pain has been promised as both the U.S. and EU unveiled new sanctions against Russia this week, some tied to the death of imprisoned opposition leader Alexei Navalny.

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