The invasion of Ukraine by Russian troops has caught Europe off guard, reminding it of the darkest hours before the Second World War. NATO countries and European leaders have so far ruled out direct military confrontation because of the risk of escalation between nuclear powers.
However, the Western democracies and Russia have been engaged in an unprecedented confrontation over the past few days. This takes the form of a merciless economic and financial war, the declared aim of which is to suffocate the Russian economy. The freezing of the assets of the Russian central bank is a measure that undermines its financial sovereignty, preventing it from fighting the collapse of the rouble. The sanctions will result in a deep recession in Russia, which should prevent Putin from financing a long war.
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