The Unintended Lessons of Putin’s March to War
A vendor stands in front of a carpet with a portrait of Russian President Vladimir Putin at a market in Moscow.
Photographer: Kirill Kudryavtsev/AFP/Getty Images
President Vladimir Putin has three main achievements from his war in Ukraine so far. None were intended.
First, he’s set the clock ticking for possible defaults on about $150 billion in debt as the Russian economy slumps and its currency collapses under the pressure of sanctions, including on its foreign-currency reserves.
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