Russian President Vladimir Putin is gambling that his country can withstand the severe economic sanctions that would come with an attack on Ukraine.
has demonstrated that the West's primary deterrence tactic – the threat of severe economic sanctions – may not be enough to prevent the largest war in Europe in decades.
Since then, the country has reduced its foreign debt and increased its foreign currency reserve, which stood at. Russia also boosted its domestic agricultural output and production in other sectors to diminish its reliance on imported goods. "Russia has been hardening its economy for a long time" to create space to pursue its foreign policy goals, said Andrew Weiss of the Carnegie Endowment, who served as a senior Russia advisor on former President
Combined, the measures would"undercut Putin's aspirations to project power and exert influence on the world stage," Singh said. He also dismissed the notion that Russia had taken adequate steps to protect itself."There really is no such thing as a sanctions-proof economy," he said. The rest of the world wouldn't be spared. Russia is a major exporter of oil and natural gas, as well as metals such as aluminum and nickel and agricultural products like wheat and corn. A war and sanctions that hurt the Russian economy would drive up the price of cars and other consumer goods and gas at the pump in the U.S. and elsewhere, said Natasha Kaneva, J.P. Morgan's head of global oil and commodities research.
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