Economic War : Ukraine and the Global Conflict Between Russia and the West

The states of Eastern Europe and Eurasia are once again at the centre of global attention, particularly following Russia’s 2022 full-scale invasion of Ukraine. But media coverage can only do so much in providing the necessary context to make sense of fast-moving developments. The books in this series provide original, engaging and timely perspectives on Eastern Europe and Eurasia for a general readership. Written by experts on—and from—these states, the books in the series cover an eclectic range of cutting-edge topics relating to politics, history, culture, economics and society. The series is originated by Hurst, with titles co-published or distributed in North America by Oxford University Press, New York.Series editor: Dr Ben Noble—Associate Professor of Russian Politics at University College London and Associate Fellow at Chatham House. Vladimir Putin’s first invasion of Ukraine, in 2014, set off a global economic clash, as the West used its clout with international markets to deter and penalise the Kremlin. The battlelines of this ‘war by other means’ traversed a series of deep economic connections, built up during Russia’s oil, gas and commodities boom: global equity and capital markets, and transnational kleptocracy. Maximilian Hess’s startling book lifts the lid on Russia’s response to Western sanctions, and the ensuing skirmishes in London’s courts, on Swiss trading desks and in boardrooms in New Delhi. He explores how pipelines, mines, loans and crypto-markets were weaponised. This narrative sets the stage for Putin’s all-out assault on Kyiv in February 2022, which turned financial, food and fuel markets into bona fide battlefields, bringing the fight into everyone’s home, from Pennsylvania to Pakistan. Rather than a ‘new Cold War’, we are witnessing a conflict over finance, energy and capital markets. How such economic warfare turns out will determine the future of liberalism and democracy; it will also set a precedent for economic relations between the West and China, as the two diverge into rival spheres of influence and power. Vladimir Putin's first invasion of Ukraine, in 2014, set off a global economic clash, as the West used its clout with international markets to deter and penalize the Kremlin. The battlelines of this'war by other means'traversed a series of deep economic connections, built up during Russia's oil, gas and commodities boom: global equity and capital markets, and transnational kleptocracy. Maximilian Hess's startling book lifts the lid on Russia's response to Western sanctions, and the ensuing skirmishes in London's courts, on Swiss trading desks and in boardrooms in New Delhi. He explores how pipelines, mines, loans and crypto-markets were weaponized. This narrative sets the stage for Putin's all-out assault on Kyiv in February 2022, which turned financial, food and fuel markets into bona fide battlefields, bringing the fight into everyone's home, from Pennsylvania to Pakistan. Rather than a'new Cold War', we are witnessing a conflict over finance, energy and capital markets. How such economic warfare turns out will determine the future of liberalism and democracy; it will also set a precedent for economic relations between the West and China, as the two diverge into rival spheres of influence and power. Vladimir Putin's first invasion of Ukraine, in 2014, set off a global economic clash, as the West used its clout with international markets to deter and penalize the Kremlin. The battlelines of this 'war by other means' traversed a series of deep economic connections, built up during Russia's oil, gas and commodities global equity and capital markets, and transnational kleptocracy. Maximilian Hess's startling book lifts the lid on Russia's response to Western sanctions, and the ensuing skirmishes in London's courts, on Swiss trading desks and in boardrooms in New Delhi. He explores how pipelines, mines, loans and crypto-markets were weaponized. This narrative sets the stage for Putin's all-out assault on Kyiv in February 2022, which turned financial, food and fuel markets into bona fide battlefields, bringing the fight into everyone's home, from Pennsylvania to Pakistan. Rather than a 'new Cold War', we are witnessing a conflict over finance, energy and capital markets. How such economic warfare turns out will determine the future of liberalism and democracy; it will also set a precedent for economic relations between the West and China, as the two diverge into rival spheres of influence and power. Introduction 2013—2021 Bond of War The West Fights Back Russia Under Sanctions Gaseous Interdependence The Erdoğan Factor Eurasian Economic Disunion Visions of Gold and Africa Russia’s Caracas Cache Putin’s Pivot to Asia Bejing as Big Brother Middle Eastern Power Plays 2022 The Economic War in Ukraine The West’s Economic War in Ukraine Russia Adrift Russia’s Ripostes and Commodities Clashes Europe Adrift Oil and Gas War Goes Global The Inflation Weapon Conclusion Notes Bibliography Acknowledgements Index