The UK and the EU have agreed to hit Russia with a raft of new economic sanctions after hopes of a ceasefire with Ukraine came to nothing. One French minister commented that it is time to “suffocate” the Russian economy.
Since the country’s fullscale invasion of Ukraine in 2022, that economy has certainly suffered. Sanctions on Russia have already led to a depreciation of the rouble, high inflation, very high interest rates and a stagnating economy.
But it remains unclear what effect any new measures will have. And Vladimir Putin has a history of riding out economic hardship.
