Amid deteriorating relations with the West, Russian President Vladimir Putin is looking to diversify a Russian economy that is tightly linked to European markets. Fittingly, an old Soviet-era satellite state seems eager to lend a helping hand.
Vladimir Putin’s administration in Russia intends to cover the burgeoning costs of annexing Crimea by raiding taxpayers’ pension contributions, raising utility rates, and canceling major infrastructure-development projects and reallocating funds.
State Capitalism is weighing down the Russian economy, and there is not much Russian President Vladimir Putin can do to prop up the system, a leading Western expert contends. The trend raises questions about Putin’s ability to maintain his Kung-fu grip on power.