The Heat: What impact have sanctions had on Russia’s economy?

The Heat

Anand Naidoo

Anand Naidoo

Published August 30, 2022 at 6:30 PM

When Russia launched its special military operation in Ukraine last February, the U.S. and other Western countries responded by imposing wide-ranging sanctions on Moscow.

The objective was to cripple Russia’s economy. But, six months later, after an initial nosedive, the ruble has rebounded to become a top performer in the global currency market. And Russia continues to earn billions of dollars each month from exports of its oil and gas. While Western economists say the sanctions will degrade Russia over the long term, the Kremlin argues that the country’s economy has not only withstood the pressure, but it’s the West now experiencing economic hardship.

To discuss: 

  • Graham Allison served as a U.S. Assistant Secretary of Defense in the first Clinton administration. He’s currently a professor of government at Harvard University’s Kennedy School.
  • Alex Vatanka is the director of the Middle East Institute’s Iran Program and a senior fellow with its Frontier Europe Initiative.
  • Anton Fedyashin is a Russian affairs analyst and history professor at American University.
  • Alexander Gournoff is a political science professor at the Moscow Institute of International Relations.

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