Can the West Stop Russia by Strangling its Economy?

There’s the Russia-Ukraine war that’s easy to follow in the news right now. We can watch Russian bombs falling on Ukraine, see Russian tanks smoking on the side of the road, hear from Ukrainian resistance fighters livestreaming their desperate defense. But there’s another theater to this war that’s harder to see, but may well decide the outcome: the economic war that West is waging on Russia. Europe and the United States initially responded with a limited set of sanctions but then expanded them into a counterattack capable of crushing the Russian economy. Vladimir Putin, for one, understands the danger: As the force of the West’s measures multiplied, he readied his nuclear forces in a bid to warn Europe and the United States off. This is terrifying territory. So I asked Adam Tooze — a brilliant economic historian, the director of the European Institute at Columbia, and the author of the indispensable “Chartbook” newsletter — to explain how the war in the financial markets is shaping the war in streets of Ukraine. What he gave me was a whole new way to see how Putin had readied his country for conflict, the leverage that Russia’s energy exports gave it, how the dreams of the globali…