With extensive economic sanctions imposed on Russia, the United States and its allies have inflicted massive damage without firing a shot.
The foreign exchange reserves Russia accumulated with tight fiscal policy for years are frozen, leaving the central bank incapable of mounting a defence of the rouble. Much of its banking sector has been crippled after being cut out of the SWIFT payment system. Multinational corporations are rushing to exit the country.
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Shiro Armstrong is a professor and director of the Australia–Japan Research Centre at the Crawford School of Public Policy at the Australian National University.
