The State of the Russian Economy
Russia invaded a peaceful Ukraine in February 2022 — seventeen months ago — and thereafter the West imposed broad economic sanctions on Russia. Putin, knowing he was going to invade Ukraine, prepared for the anticipated economic sanctions by stockpiling liquidity, but was caught off guard by the universality and depth of the West’s sanctions.
[It is now clear Putin made the decision to invade Ukraine more than a year before the actual date of the invasion based on actions he took in preparation for the invasion.]