Russia’s besieged economy is clinging on
SCOTT BESSENT, America’s treasury secretary, recently used a metaphor to describe the state of play in the Russo-Ukrainian war. “We are in a race,” he said. “How long can the Ukrainian military hold up versus how long can the Russian economy hold up.” Tougher sanctions, including tariffs on countries buying oil from Russia, would cause Russia’s economy to undergo a “full collapse”, in turn forcing Vladimir Putin “to the table”, he suggested.
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