Economic backwardness in Russia

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Western sanctions after Russia’s invasion of Ukraine have markedly changed the constitution of President Putin’s inner circle. This column argues that the concentrated system of power created around the president is shedding the last vestiges of open market economy views. As the combined result of sanctions and closed-economy policies, the Russian economy looks inward, with imports down nearly 20% in 2022. Previous periods of autarkic policies in Russian and Soviet history have resulted in economic backwardness.

Published on VoxEU / CEPR