China threw Russia an economic lifebelt after the West hit Moscow with sanctions over the war in Ukraine. As Putin prepares to visit Beijing this week to promote even closer ties, Washington is ramping up the pressure.
Days after Russia launched its full-scale invasion of Ukraine in February 2022, the West foisted deep sanctions on Moscow in the hopes of hurting Russia’s ability to finance the conflict. The sanctions targeted politicians and oligarchs, froze foreign reserves, curbed access to Western technology and cut Russian banks off from the Swift international payment messaging system.
The financial penalties were widely expected to bring Russia to its knees. Initially, the ruble plummeted in value and the Russian economy contracted by 1.2% in 2022. Last year, however, Russia’s growth outpaced both the United States and Europe at 3.6%. The country is on course for another strong year in 2024.
Much of that growth came in the way of trade with China, which acted as a counterweight to the West by refusing to impose sanctions and becoming a major buyer of Russian energy. Despite pressure from the US and the European Union, the two countries have formed a deeper alliance since the war started.
The West let it happen. They didn’t arm Ukraine quickly enough, nor did they do much of anything to help Ukraine in the decade before. Instead they became closer pals with Russia after the annexation and even more dependent. Had they nipped this in the bud more than a decade ago, Russia wouldn’t have had the means nor the will to invade Ukraine.
Europe and the USA need to ramp up production of military assets as if it’s wartime and help Ukraine defend itself, instead of twiddling their thumbs and asking themselves if Putin is really serious while Ukraine soldiers lose their lives.
Yes, artillery shells fall off of trees.