Obama's strategy of letting Putin hang himself is working
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Most of this is economic. Russia's self-imposed economic problems started pretty quickly after its annexation of Crimea in March and have kept up. Whether or not American or European governments sanction Russia's broader economy, the global investment community has a mind of its own, and they seem to have decided that Russia's behavior has made it a risky place to put money. So risky that they're pulling more money out.
A lot of that may have come from the targeted sanctions that Obama pushed for against individual Russian leaders and oligarchs. Those targeted sanctions did not themselves do much damage to the Russian economy. But, along with Russia's erratic behavior in Ukraine and the lack of clarity as to whether Europe and the US could impose broader sanctions, it appears to have been enough to scare off global investors — the big, faceless, placeless mass of people and banks who have done tremendous damage to Putin's Russia, nudged along by the US and by Putin himself.
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