Russia’s $1.5 trillion economy is the world’s 11th biggest, according to World Bank data. A week ago, it was doing a bumper trade in energy, exporting millions of barrels of crude a day with help from major oil companies. Western brands were doing brisk business in Russia, and investors were lending to its companies.
Now, a barrage of sanctions have made Russia’s biggest banks radioactive, traders are shunning barrels of Urals crude oil, and Western companies are fleeing the country or shutting up shop. Russian stocks have been kicked out of global indexes, and trade in some Russian companies has been halted in New York and London.Russian President Vladimir Putin’s invasion of Ukraine has been met with an unprecedented response from the United States, the United Kingdom, the European Union, Canada, Japan, Australia and other countries. Even Switzerland, famous for its neutrality and banking secrecy, has pledged to impose sanctions…
