As global powers vie for resources, including critical minerals in the region, Central Asia must assert its agency, shaping a development trajectory that turns what could be a resource curse into a lasting blessing.
Since the beginning of the war, the West has managed to put a dent in Russia’s oil revenues, but it is now struggling to reduce them further.
A conversation on the Russian economy in the coming year.
The storm of government spending is sustaining the current state of affairs, but it cannot address the chronic problems that have long plagued the Russian economy. We are witnessing an irreversible turn toward economic stagnation.
As the latest U.S. sanctions make it even harder and more expensive for Russian businesses to settle international payments, they are being forced to resort to the age-old practice of hawala.
While U.S. sanctions caused the Russian currency to drop sharply in November, the changing structure of trade flows means the ruble is doomed to weaken further.
A weakening Russian economy could spell trouble for its war effort against Ukraine.
