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Economics

Putin’s Economic Isolation Suddenly Doesn’t Look So Bad

  • S&P Global maintained Russia’s credit rating after ruble drop
  • Russia’s net debt to GDP among lowest in emerging markets
A tourist takes a selfie on the deserted Red square in Moscow on March 30.

A tourist takes a selfie on the deserted Red square in Moscow on March 30.

Photographer: Dimitar Dilkoff/AFP via Getty Images

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Russian President Vladimir Putin has the U.S. Treasury Department to thank for helping his country prepare for a global economic crisis.

A steady deluge of economic sanctions and the constant threat of more to come has pushed Russia’s authorities to boost reserves and strip back debt over the past five years. As governments across the globe prepare for what’s set to be the worst economic slump since 2008, the fortress approach that had been pushing Russia’s economy into stagnation is starting to look like good foresight.