FT News Briefing Moscow’s ‘Fortress Russia’ strategy
Jan 20, 2022
The U.S. Senate is gearing up to tackle Big Tech with new legislation targeting data issues and search biases. Meanwhile, banks like Bank of America are looking forward to benefiting from rising interest rates. In Russia, the economy is adapting to sanctions with resilience, revealing how limited these Western threats have proven to be. The podcast also delves into rising national sentiment in Russia, and a curious trend in Hong Kong where residents are hiring private jets to evacuate their pets. The discussions are timely and insightful!
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Cost of Preparedness
- Russia's conservative fiscal policy, driven by sanction preparedness, limited its pandemic spending.
- This resulted in high COVID-19 death rates and hindered economic growth.
Sanctions Backfire
- Western sanctions against Russia have backfired, rallying domestic support for Putin.
- Russians blame the West for sanctions, viewing them as a patriotic challenge.
Russia's Fortress Strategy
- Russia has been "sanction-proofing" its economy, reducing reliance on the global financial system.
- This limits the effectiveness of Western sanctions as a political tool.