Putin’s Gold Strategy Explains Why Western Sanctions Failed

There are more than 16,000 sanctions imposed against Russia. Yet the Russian economy and war machine grew by 3.6% in 2023 and is projected to grow another 2.6% in 2024. Nearly six per cent of Russia’s gross domestic product goes towards military spending. At a time when Ukraine’s Zelensky is scrambling to acquire arms, funds and recruits, Vladimir Putin seems confident in his ambitions for the future. ‘Putin’s goal of turning the ruble into pure gold works if consumers, Market, central banks, investors panic and buy gold en masse.’ How have 16,000 strategic sanctions issued by some of the most…