Fortress Russia: Why sanctions against Putin keep falling flat, and will likely keep falling flat

The pillars of fortress Russia lie in the way the Kremlin manages its budget and the rouble. It entered the pandemic with the lowest govt debt among the 20 top EMs, just 14% of GDP. It also had the highest surplus, the fourth highest current account surplus, and the fourth largest forex reserves: $580 bn, up from an early 2015 low of $350 bn.

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