Putin’s Reaction To Sanctions Is Destroying The Economy And China Won’t Help

Things are not going well for Vladimir Putin. The price of oil and the ruble continue to fall. Top Russian officials admit that the economy is in big trouble, despite Putin’s denials. Likely presidential candidate, Hillary Clinton, has declared that Putin must be contained. Putin’s counter sanctions are making things worse. The most ominous sign, however, is that Putin is weakening the foundations on which his power is based. He is cutting off foreign investment by bailing out his friends, and he is breaking the social compact on which his KGB-Mafia state is founded.

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As The Sanctions' Noose Tightens, China Grabs Russian Energy Assets At Bargain Prices

When I wrote on August 28 that “Western sanctions are strangling the Russian economy,” I had second thoughts about using such strong language. Events of the last two weeks convince me, however, that I understated the case, especially with the introduction of new sanctions on Friday. The Russian economy faces a severe liquidity crisis, collapsing investment and a severe recession. Putin has jeopardized his “safe” European gas market and faces legal problems that he cannot avoid. His sanctions against the West have simply made his own people worse off.

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