Putin’s Fear of a Humiliating Economic Crisis
Greater sanctions pressure could finally bring Moscow to the negotiating table.
No one knows what Russian President Vladimir Putin was hoping to achieve when he embarked on a nine-hour flight from Moscow to Alaska to meet U.S. President Donald Trump last month. But it’s a safe bet that he was looking to avoid the additional sanctions on the Russian economy that Trump had vaguely threatened a number of times—and perhaps get relief from existing sanctions or even some lucrative U.S. investment deals.
Putin has every reason to seek a lifeline for the Russian economy. In recent weeks, a flurry of signs has shown Russia’s war-drained, sanctions-constrained economy to be at an inflection point. For the first time since the start of the war, nonmilitary economic activity has been contracting, bankers are making plans to weather a financial crisis, and energy firms are worrying about losing their largest customer for seaborne oil exports.
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