Russia, in retaliation to international sanctions, has imposed an entry ban on 89 European politicians, officials and military leaders and it is courting Islamic banks seeking to attract Sharia-compliant funds. But the game of tit-for-tat between Russia and the West is proving to be of little benefit to either side. Russia’s President, Vladimir Putin, can no longer offer his people much-promised stability and prosperity - just a long and deep recession - and the West is failing to halt Russia’s aggression in Ukraine.

IN THE GAME of moves and counter moves between Russia and the West, the Kremlin has announced its latest round of tactics in retaliation to international sanctions introd...

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Professor Stefan Hedlund
Predictions were made of an imminent collapse of the Russian economy, entailing a 10 per cent drop in GDP for 2015 and a depletion of international reserves that would provoke a payment crisis already by the third quarter. This has proved to be ill-founded speculation, likely conditioned by wishful thinking
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