Russia's 'Dutch Disease' Just Became Fatal

Russia has Dutch Disease, and because of their war against Ukraine, it's flaring up. As Ukraine continues to strike Russian oil refineries, creating gasoline shortages across the country, Russia is now turning to other countries like China to import gas. For a country like Russia that makes its primary revenues by exporting energy, that's bad news already. But it's worse than it looks. When we understand all these trends in the context of Russia's preexisting systemic economic vulnerability, we begin to see a situation that Russia simply won't be able to recover from.

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