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Will Russia or the West Win the Economic and Financial Battle?

After six months of unprecedented Western sanctions, Russia’s economic situation, though bad, is arguably better than most observers expected. This does not bode well for the outcome of the West’s financial war against the Kremlin.

PARIS – Six months ago, the West faced a dilemma: It could neither let Russia’s aggression against Ukraine succeed, nor send troops to fight President Vladimir Putin’s invading army. So, it chose to provide weapons to support Ukraine’s resistance, and to wage its own economic and financial war against Russia in the hope of weakening it significantly. Within days, Western powers deployed an unprecedented array of sanctions; the “shock and awe” effect was expected to compel the Kremlin to pay dearly and possibly force it into submission.