In early 2015, Western leaders thought they had Russia cornered. A year earlier they imposed on Russia economic sanctions, which ranged from restrictions on access to Western capital markets to bans on the export of oil-production technology, to punish it for its role in dismembering Ukraine. Those sanctions and the Russian boycotts that followed threw Russia’s economy into turmoil. With some justification, President Barack Obama declared that “Russia is isolated with its economy in tatters” in January 2015. But two years later, Russia has stabilized its economy, annexed Crimea, and kept its “little green men” in …read more
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