Vladimir Putin's first invasion of Ukraine, in 2014, set off a global economic clash, as the West used its clout with international markets to deter and penalise the Kremlin. The battlelines of this 'war by other means' traversed a series of deep economic connections, built up during Russia's oil, gas and commodities boom: global equity and capital markets, and transnational kleptocracy.
Maximilian Hess's startling book lifts the lid on Russia's response to Western sanctions, and the ensuing skirmishes in London's courts, on Swiss trading desks and in boardrooms in New Delhi. He explores how pipelines, mines, loans and crypto-markets were weaponised. This narrative sets the stage for Putin's all-out assault on Kyiv in February 2022, which turned financial, food and fuel markets into bona fide battlefields, bringing the fight into everyone's home, from Pennsylvania to Pakistan.
Rather than a 'new Cold War', we are witnessing a conflict over finance, energy and capital markets. How such economic warfare turns out will determine the future of liberalism and democracy; it will also set a precedent for economic relations between the West and China, as the two diverge into rival spheres of influence and power.
Show moreVladimir Putin's first invasion of Ukraine, in 2014, set off a global economic clash, as the West used its clout with international markets to deter and penalise the Kremlin. The battlelines of this 'war by other means' traversed a series of deep economic connections, built up during Russia's oil, gas and commodities boom: global equity and capital markets, and transnational kleptocracy.
Maximilian Hess's startling book lifts the lid on Russia's response to Western sanctions, and the ensuing skirmishes in London's courts, on Swiss trading desks and in boardrooms in New Delhi. He explores how pipelines, mines, loans and crypto-markets were weaponised. This narrative sets the stage for Putin's all-out assault on Kyiv in February 2022, which turned financial, food and fuel markets into bona fide battlefields, bringing the fight into everyone's home, from Pennsylvania to Pakistan.
Rather than a 'new Cold War', we are witnessing a conflict over finance, energy and capital markets. How such economic warfare turns out will determine the future of liberalism and democracy; it will also set a precedent for economic relations between the West and China, as the two diverge into rival spheres of influence and power.
Show moreMaximilian Hess is a political risk analyst and consultant, as well as a fellow at the Foreign Policy Research Institute. Max speaks German, Russian, Georgian and Spanish, and has written for the Financial Times, the New Statesman and Foreign Policy, alongside a regular column for Al Jazeera.
'Hess examines how Russia’s response to the west’s economic
sanctions following the first invasion of Ukraine in 2014 helped to
set the stage for [the current] conflict.'
*Financial Times*
‘Much has been said about Putin’s background in the KGB, but Hess
makes a convincing case that his days in the St. Petersburg
government, when he served as a liaison between the city, foreign
business and, occasionally, criminal underworld, were just as
formative.’
*The Washington Post*
‘An accessible but detailed account of the economic war between
Russia and the West.’
*Informed Comment*
‘A welcome addition to a growing body of research on Russia’s
invasions of Ukraine.’
*CHOICE*
'An outstanding account, filled with insights and details. If you
want to understand why we are already in an age of Global Conflict,
there is no better place to start.'
*Peter Frankopan, author of 'The Silk Roads' and 'The Earth
Transformed'*
'A critical book for understanding Russia's war against Ukraine and
the West's response. Tracing Russia's tactics of economic warfare
across the world, from Beijing to Istanbul, from Caracas to
London's bond markets, this is the most detailed and far-reaching
analysis of the economic war with Russia yet.'
*Chris Miller, author of 'Chip War'*
'Economic War shows how trade, finance, and information are the new
battlegrounds in a world where traditional warfare is becoming
obsolete. A unique perspective on the largest crisis in Europe
since the Cold War, this is a must-read for anyone seeking a better
understanding of the conflict, and its implications for global
politics.'
*Michelle Caruso-Cabrera, former Chief International Correspondent,
CNBC*
'From sanctions to bonds of war, Economic War is an essential guide
to how a decade of conflict between Russia and Ukraine has redrawn
the global economic order.'
*Jack Farchy, co-author of 'The World for Sale'*
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