Can Russia’s economy survive?

Just two weeks after Russia’s full-scale invasion of Ukraine the conflict has already begun reshaping the world. The bombardment of Ukrainian cities has led to the deaths of thousands of civilians and forced millions to flee the country. But the war has also completely upended the global economy. Russia is paying the heaviest economic price, as it grapples with Western-led sanctions on its banks, major industries and individuals associated with President Vladimir Putin. There are growing fears in Moscow that basic supplies of essentials like food and medicines may be disrupted. But attempts to cut Russia off from the global economy are impacting nations and industries across the planet. Oil and gas prices are up, as are the cost of key commodities such as wheat. Global supply chains have already been disrupted by the pandemic and now the war in Ukraine – and the inflation it’s causing – is adding to the woes of some of the poorest people on Earth. So how long can the Kremlin hold out? As the threat of Russia defaulting on its debts increases, what does the future hold for the country’s economy and its workforce? And how high a price will we all pay as a result of the conflict now playing out in Eastern Europe?