Economic War: Ukraine And The Global Conflict Between Russia And The West

Description

Vladimir Putin s first invasion of Ukraine, in 2014, set off a global economic clash, as the West used its clout with international markets to deter and penalise the Kremlin. The battlelines of this war by other means traversed a series of deep economic connections, built up during Russia s oil, gas and commodities boom: global equity and capital markets, and transnational kleptocracy. Maximilian Hess s startling book lifts the lid on Russia s response to Western sanctions, and the ensuing skirmishes in London s courts, on Swiss trading desks and in boardrooms in New Delhi. He explores how pipelines, mines, loans and crypto-markets were weaponised. This narrative sets the stage for Putin s all-out assault on Kyiv in February 2022, which turned financial, food and fuel markets into bona fide battlefields, bringing the fight into everyone s home, from Pennsylvania to Pakistan. Rather than a new Cold War , we are witnessing a conflict over finance, energy and capital markets. How such economic warfare turns out will determine the future of liberalism and democracy; it will also set a precedent for economic relations between the West and China, as the two diverge into rival spheres of influence and power.

About the Author

Maximilian Hess is a political risk analyst and consultant, as well as a fellow at the Foreign Policy Research Institute. Max speaks German, Russian, Georgian and Spanish, and has written for the Financial Times , the New Statesman and Foreign Policy , alongside a regular column for Al Jazeera.