Economic War: Ukraine and the Global Conflict between Russia and the West

by Maximilian Hess

Vladimir Putin's first invasion of Ukraine, in 2014, set off a global economic clash, as the West used its clout with international markets to deter and penalize the Kremlin. The battlelines of this 'war by other means' traversed a series of deep economic connections, built up during Russia's oil, gas and commodities global equity and capital markets, and transnational kleptocracy. Maximilian Hess's startling book lifts the lid on Russia's response to Western sanctions, and the ensuing skirmishes in London's courts, on Swiss trading desks and in boardrooms in New Delhi. He explores how pipelines, mines, loans and crypto-markets were weaponized. This narrative sets the stage for Putin's all-out assault on Kyiv in February 2022, which turned financial, food and fuel markets into bona fide battlefields, bringing the fight into everyone's home, from Pennsylvania to Pakistan. Rather than a 'new Cold War', we are witnessing a conflict over finance, energy and capital markets. How such economic warfare turns out will determine the future of liberalism and democracy; it will also set a precedent for economic relations between the West and China, as the two diverge into rival spheres of influence and power.

Genres: Politics, Russia, Economics, Ukraine, History, War

280 pages, Hardcover

Published October 15, 2023

Reviews

[Gabriel · Rating 3 out of 5]

This is a well written summary on how economic sanctions implemented by the ‘West’ (loosely used since Japan and Singapore are in this bloc) have been hurting and not hurting Russia until circa end-2022. That said, for me, I don’t think there was much a take-away save for learning about the economically-driven political manouevuers between Russia, Kazakhstan, and Azerbaijan many years before 2022.

This book started with great promise but its draw waned after I was about a quarter through. But I was determined to digest it because it was a gift.

I believe if one had been a keen reader (including reading between the lines) of the news and editorials of Bloomberg and the FT over the past decade, or been somewhat involved in this sector, the content in this book would not be revelatory.

[Laura Kinhansa · Rating 4 out of 5]

The book is insightful and it has the facts. The economic dimension of the Russian aggression war in Ukraine is vast, far-reaching and adds water to the turning wheel of destruction both by being a partial cause and a consequence to the war.
I did learn a lot from the book (how had I missed Russia defaulting on its foreign debt?), it has a wealth of insight on how Russia wields its major economic weapon, oil and gas sales. It also includes some fun tidbits (did you know that not long ago Turkmenistan had a cuckoo dictator that changed their month names, renaming March after his mother?).
I have to admit though that at times the book was not easy to read. I faithfully finished it because I have a faible for books that expose the dirty dealings of genocidal dictators (hello Putin), their cronies, as well as their ‘useful idiots’. The story line was at times not very clear, facts delivered in a staccato manner, packed too densely, many thrown in without any further follow-up.
A good read, but not an easy one.

[Dmitry]

(The English review is placed beneath the Russian one)

Очередная книга, которая представляет из себя пересказ СМИ, а не авторский анализ. Я не люблю такой тип книг, ибо в них работа автора сведена к минимуму, т.е. к тому, чтобы просто соединить сообщения/цитаты из СМИ в логическую и хронологическую последовательность. Я в какой-то момент осознал, что в этой книге буквально каждая страница содержит 6 сносок, которые являются цитатой из СМИ или книги.
В общем, кто следит за новостями на данную тему, вряд ли найдёт что-то интересное и новое в этой книге.

It's another book that is a retelling of the media rather than an author's analysis. I don't like this type of book because, in this kind of book, the author's work is reduced to a minimum, i.e., just putting together media reports/quotes in a logical and chronological sequence. I realized at one point that in this book, literally, every page has six footnotes that are a quote from the media or book.
In general, anyone who follows the news on this topic is unlikely to find anything interesting or new in this book.

[Adrian · Rating 5 out of 5]

An excellent, blow by blow account of all the tools and tactics of economic warfare used by all parties throughout both the internecine conflict since 2014 and the full scale war since 2022.
For those who followed events since 2014, much may seem familiar, however, what marks Economic War ahead of the rest is the analysis of the tools of economic warfare, their range and their impact. While there is little more that can be said about the Ukraine conflict that has been ubiquitous in global headlines since 2022, Economic War takes the reader into the altogether crucial world of economic warfare.
A book that should be read by anyone with the slightest interest in Geopolitics as war with dollars is every bit as important as war with guns.

[Ita · Rating 4 out of 5]

A great overview on the current economic situation in the world and how it came to be. The book is full of references and sources mentioned, which allows you as a reader dig deeper into the topics that inferest you.

[Stamatis Remoundos · Rating 5 out of 5]

Excellent view on current war in Ukraine