Russia’s Financial Fortress Falters

“Russia spent seven years building a financial ‘fortress’ that could help it withstand the impact of sanctions imposed by the West — and the keystone was $630 billion in central bank foreign exchange reserves,” Axios reports.

“Presumably, Russia didn’t expect the G7 nations to go so far as to freeze those reserves — which they did this week — a move nearly unprecedented in scope.”

The Economist: Russia’s attempt to sanction-proof its economy has been in vain.