Putin’s Financial Isolation by World’s Powerful Is a Cautionary Tale for Xi Jinping

It's the dominant geopolitical narrative of our era: The global economy is cleaving into two blocks as an ascending China and declining U.S. clash over trade, technology and the pandemic.

After Vladimir Putin’s invasion of Ukraine and the sanctions it provoked from the U.S. and allies, that divide appears sharper than ever ⁠— but the contest also looks more uneven. The economic isolation imposed on Russia has been a stark reminder of the persistence of American power.