It must have looked so simple to Vladimir Putin ; a lightning strike by superior Russian forces would quickly topple the Ukrainian regime.
The Kremlin would have bargained for the invasion being met with sanctions, but assumed these would be a minor inconvenience given the divisions in the west. Russia had a huge $6 50bn war chest of gold and foreign exchange reserves to support the economy.
The 19th- century German military strategist Helmuth von Moltke said no plan survives contact with the enemy and that was certainly true in this case. An increase in interest rates from 9.5% to 20%, the introduction of tough capital controls, the closure of the stock market and the clamp down on dissent all tell the same story: the campaign has not been the pushover Putin envisaged. And Russia’s economy is under siege.
By far the most significant sanction has been to limit Moscow’s access to its foreign exchange reserves, there to provide a defence against an attack on the rouble.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Finn family murals
The optimism that runs through Finnish artist Tove Jansson's Moomin stories also appears in her public works, now on show in a Helsinki exhibition
I hoped Finland would be a progressive dream.I've had to think again Mike Watson
Oulu is five hours north from Helsinki by train and a good deal colder and darker each winter than the Finnish capital. From November to March its 220,000 residents are lucky to see daylight for a couple of hours a day and temperatures can reach the minus 30s. However, this is not the reason I sense a darkening of the Finnish dream that brought me here six years ago.
A surplus of billionaires is destabilising our democracies Zoe Williams
The concept of \"elite overproduction\" was developed by social scientist Peter Turchin around the turn of this century to describe something specific: too many rich people for not enough rich-person jobs.
'What will people think? I don't care any more'
At 90, Alan Bennett has written a sex-fuelled novella set in a home for the elderly. He talks about mourning Maggie Smith, turning down a knighthood and what he makes of the new UK prime minister
I see you
What happens when people with acute psychosis meet the voices in their heads? A new clinical trial reveals some surprising results
Rumbled How Ali ran rings around apartheid, 50 years ago
Fifty years ago, in a corner of white South Africa, Muhammad Ali already seemed a miracle-maker.
Trudeau faces 'iceberg revolt'as calls grow for PM to quit
Justin Trudeau, who promised “sunny ways” as he won an election on a wave of public fatigue with an incumbent Conservative government, is now facing his darkest and most uncertain political moment as he attempts to defy the odds to win a rare fourth term.
Lost Maya city revealed through laser mapping
After swapping machetes and binoculars for computer screens and laser mapping, a team of researchers have discovered a lost Maya city containing temple pyramids, enclosed plazas and a reservoir which had been hidden for centuries by the Mexican jungle.
'A civil war' Gangs step up assault on capital
Armed fighters advance into neighbourhoods at the heart of Port-au-Prince as authorities try to restore order
Reality bites in the Himalayan 'kingdom of happiness'
High emigration and youth unemployment levels belie the mountain nation's global reputation for cheeriness
