JRL NEWSWATCH: “Under siege; The Kremlin has isolated Russia’s economy; It has protected the country from shocks but is choking any growth” – The Economist

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“… Since 2014, when Russia annexed Crimea and invaded eastern Ukraine, the Kremlin has commanded the economy like a fortress under siege, building up reserves, decoupling from the world economy, and preparing for the potential impact of Western sanctions or fluctuations in oil prices. … effective at protecting against outside shocks. [b]ut … breed[ing] stagnation and malaise … fuel[ing] … Navalny’s opposition movement and … protests against … Putin …. The foundations … are high reserves and low debt. For … Putin, the Russian government’s [1998] default … was a formative trauma ….”

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