Sanctions have had a big impact on the banking system. There's little doubt now that for a long time, russia is going to be practically uninvestible. The government looks likely to default fairly soon. Russia is still exporting billions of dollars worth of oil and gas month.
Western sanctions are intended to starve Russia’s economy and hinder its ability to wage war in Ukraine. And while the long-term outlook remains grim, so far oil and gas earnings have kept its economy humming. Why Latin America’s commercial capital isn’t even in Latin America: it’s Miami. And why France is building bridges over motorways for wildlife. For full access to print, digital and audio editions of
The Economist, subscribe here
www.economist.com/intelligenceoffer