Plain English with Derek Thompson

Russia’s Economic Meltdown, Putin’s Big Mistake, and the West’s Financial War Against Vlad and the Oligarchs

Mar 1, 2022

In this engaging discussion, Nicolas Véron, a French economist with deep expertise in international economics, delves into the swift sanctions imposed on Russia due to its actions in Ukraine. He highlights the chaos erupting in Russia, including bank runs and currency devaluation. The conversation also covers China's cautious stance, the targeted sanctions aimed at Russian oligarchs, and the long-term impacts on Russia's defense industry. Ultimately, they ponder the unforeseen consequences for Putin's regime and what a post-Putin Russia might look like.

34:28

Episode guests

Nicolas Véron

AI Chapters

Episode notes

Intro

2min

Sanctions and Economic Chaos in Russia

16min

China's Cautious Role and the U.S. Strategy Against Russian Oligarchs

3min

Impact of Sanctions on Russia's Defense Industry

5min

Putin's Legacy and the Ukraine Crisis

7min

Things are moving very, very fast in Vladimir Putin’s war against Ukraine—and in the global response to punish Russia. The U.S. and Europe are not engaged in a literal war against Putin, and hopefully nothing like that will come to pass. But this weekend, they announced a series of unprecedented sanctions and economic penalties that could destroy the Russian economy. These policies are designed to get Putin to end the war before he conquers Ukraine. But they could crash the Russian economy and trigger more global crises. To explain the sanctions, discuss their pluses and minuses, and predict their ripple effects, Derek is joined by Noah Smith, author of the newsletter Noahpinion, and Nicolas Véron, a French economist and senior fellow at the Peterson Institute for International Economics and the European think tank Bruegel.

Host: Derek Thompson

Guest: Noah Smith and Nicolas Véron

Producer: Devon Manze

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