{"id":22734,"date":"2014-12-18T01:18:42","date_gmt":"2014-12-18T00:18:42","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=22734"},"modified":"2014-12-18T01:20:03","modified_gmt":"2014-12-18T00:20:03","slug":"humiliate-putin-lift-sanctions","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/humiliate-putin-lift-sanctions\/","title":{"rendered":"Humiliate Putin? Lift Sanctions?"},"content":{"rendered":"

Leonid Bershidsk writes:\u00a0 As Russia’s economic crisis deepens, hurting trading partners from Germany to Tajikistan, many will say Westerns sanctions have succeeded.<\/p>\n

Unconditionally lifting sanctions now would probably be the best way to humiliate Russian President Vladimir Putin and undermine his standing at home.<\/p>\n

The sanctions were first introduced in March, after Russia annexed Crimea, but they only got serious in July, after\u00a0someone — apparently Russia-backed rebels — accidentally shot down a passenger airliner over eastern Ukraine. Their effect was to cut off Russia’s state-owned companies from Western debt markets. By extension, all Russian borrowers became toxic to Western lenders. Even this, however, did not cause any major turmoil in Russia: It is a commodities-based economy, and with oil fetching\u00a0more than $100 per barrel, the state companies and the financial authorities could attend to any and all refinancing needs without outside help.<\/p>\n

Then, in mid-September, Brent oil fell below $100. That was the main ingredient in the soup: The Putin regime has forgotten how to live with low oil prices. Money got short, and the ruble tanked. One could argue that there would have been no meal without the stone, i.e. without the sanctions, but in reality it would probably just be slightly thinner gruel: Russia would still have suffered an economic decline because of its structural problems, oppressive business climate and disinvestment following the Crimea invasion, which convinced many business people, Russian and foreign alike, of\u00a0Putin’s aggressive unpredictability. Russia’s record capital flight this year started right after Crimea, well before effective sanctions were introduced.<\/p>\n

Politically, however, the sanctions helped Putin enormously: They made it possible for him to argue that the West is out to get Russia and that, to survive as a country, it needs to fight back. According to Pew Research, from July 2013 to July 2014, the percentage of Russians with a positive attitude toward the U.S.\u00a0fell<\/a>\u00a0to 23 percent from 51 percent, the steepest such drop in at least 15 years. According to Russian pollsters at Levada Center, in November 2014, 50 percent of Russians didn’t care what the West thought of their country, compared with\u00a040 percent in 2007. And, of course, Putin’s approval\u00a0soared above 80 percent: He embodied the conviction of 77 percent of Russians that the country needs to follow a non-Western path to succeed.<\/p>\n

Now, the security of Putin’s regime rests solely on Russians’ patience with economic hardship.\u00a0Anti-Putin and pro-government\u00a0intellectuals are split in their predictions: The former\u00a0argued the anti-Western, ultra-patriotic mood is just a thin patina that inflation would scrape off within months, while the latter\u00a0cited Russians’ passive willingness, during previous crises, to go without salaries for months on end. They all agreed, however, that Western sanctions have worked to build, not destroy, that all-important patience, creating a siege mentality and a kind of Stockholm syndrome even in those who have had no love for Putin.<\/p>\n

\"Sanctions<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Leonid Bershidsk writes:\u00a0 As Russia’s economic crisis deepens, hurting trading partners from Germany to Tajikistan, many will say Westerns sanctions have succeeded. Unconditionally lifting sanctions now would probably be the best way to humiliate Russian President Vladimir Putin and undermine … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-22734","post","type-post","status-publish","format-standard","hentry","category-finance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t