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Vladimir Putin isn’t winning the economic war any more than he is in Ukraine

David Chance


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Vladimir Putin's Russia is indeed reaping an energy bonanza, but that huge current account surplus also tells you that there’s nowhere to spend the money as imports have collapsed. Photo: Andrey Rudakov/Bloomberg

Vladimir Putin's Russia is indeed reaping an energy bonanza, but that huge current account surplus also tells you that there’s nowhere to spend the money as imports have collapsed. Photo: Andrey Rudakov/Bloomberg

Vladimir Putin's Russia is indeed reaping an energy bonanza, but that huge current account surplus also tells you that there’s nowhere to spend the money as imports have collapsed. Photo: Andrey Rudakov/Bloomberg

Russia’s President Vladimir Putin is determined that Europe will have a cold winter in revenge for backing Ukraine and, having reaped hundreds of billions of euro as a result of high energy prices, he can now afford to turn off the gas taps.

By the end of this year, Russia will be sitting on a record current account surplus worth in excess of €240bn. In the meantime the rouble has recovered from its sharp losses and is now the best performing currency in the world.


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