On Tuesday, Axios reported that a new paper headed up by Jeffrey Sonnenfeld of Yale University suggests Western sanctions against Russia for the invasion of Ukraine are doing their job — and decimating the Russian economy.
"The paper's results include sobering facts about the Russian economy," the report states. "'Russian imports have largely collapsed,' the paper says — creating massive supply shortages and denying the country crucial parts and technologies.
The exodus of over 1,000 global companies from Russia has severely damaged its economy, the authors argue, and any posturing of strength or resilience by Moscow is not an accurate reflection of what's actually going on. Official data coming out of Russia are not true, they said.
Professor Sam Greene, a British academic in Russian politics and director of the Russia Institute at King's College London, described the effects sanctions are having on the lives of everyday citizens in an interview with TimesRadio on Monday.
Putin's Regime is being crushed by Western Sanctions with no path out of economic oblivion | RawStory.TVPutin's Regime is being crushed by Western Sanctions with no path out of economic oblivion | RawStory.TV
Making matters worse for Russia, their one bit of leverage of Europe — cutting exports of natural gas — doesn't appear to be working, because only 46 percent of Europe's gas comes from Russia, whereas 83 percent of Russian natural gas exports go to Europe, meaning the cuts actually hurt Russia more than Europe.
But, according to the study, Russia needs Europe as an energy customer to a greater degree than Europe needs Russian natural gas.
Ultimately, the warring nation has little hope for an economic recovery, the researchers said.
In their words: "Looking ahead, there is no path out of economic oblivion for Russia as long as the allied countries remain unified in maintaining and increasing sanctions pressure."