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Punishing Putin: Inside the Global Economic War to Bring Down Russia
An in-depth, authoritative, and timely look at the unprecedented economic war the US and its European allies are waging against Russia after Putin’s invasion of Ukraine—written by a veteran journalist with unparalleled access to Western and Russian sources.
Undeterred by eight years of timid US sanctions, Vladimir Putin ordered his full-scale assault on Ukraine on February 24, 2022. In the hours that followed across the world, Western leaders weaponized economic tools to counter an unprecedented land grab by a nuclear-armed power. What followed was an undeniably world-changing financial experiment that risked throwing the world into a devastating recession. The end goal was to sap the strength of Putin’s war machine and damage the Russian economy—once the eleventh largest on the planet. Here, Russian expert and veteran journalist Stephanie Baker explains in fascinating detail how this furious shadow-war its causes, how it is being executed, and its ability to affect Russia and the course of history.
From seizing superyachts to manipulating the global price of oil to trying to block the sale of military technology to Russia, we learn how the White House coordinated with top officials in London and Brussels to freeze a staggering $300 billion in foreign currency reserves accumulated in the West by Russia’s central bank. Mobilizing an army of white collar-crime investigators and experts on international law, Baker explores how the West has cracked down on illicit Russian money by targeting oligarchs, one superyacht at a time, and their enablers around the world.
Filled with propulsive, fly-on-the-wall details, Punishing Putin takes us into the frantic backroom deliberations that led to a whole new era of carefully calculated “economic statecraft” and shows how these new strategies are already radically rearranging global alliances that will influence the world order today, and for generations to come.
Undeterred by eight years of timid US sanctions, Vladimir Putin ordered his full-scale assault on Ukraine on February 24, 2022. In the hours that followed across the world, Western leaders weaponized economic tools to counter an unprecedented land grab by a nuclear-armed power. What followed was an undeniably world-changing financial experiment that risked throwing the world into a devastating recession. The end goal was to sap the strength of Putin’s war machine and damage the Russian economy—once the eleventh largest on the planet. Here, Russian expert and veteran journalist Stephanie Baker explains in fascinating detail how this furious shadow-war its causes, how it is being executed, and its ability to affect Russia and the course of history.
From seizing superyachts to manipulating the global price of oil to trying to block the sale of military technology to Russia, we learn how the White House coordinated with top officials in London and Brussels to freeze a staggering $300 billion in foreign currency reserves accumulated in the West by Russia’s central bank. Mobilizing an army of white collar-crime investigators and experts on international law, Baker explores how the West has cracked down on illicit Russian money by targeting oligarchs, one superyacht at a time, and their enablers around the world.
Filled with propulsive, fly-on-the-wall details, Punishing Putin takes us into the frantic backroom deliberations that led to a whole new era of carefully calculated “economic statecraft” and shows how these new strategies are already radically rearranging global alliances that will influence the world order today, and for generations to come.
392 pages, Kindle Edition
Published September 10, 2024
82 people are currently reading
588 people want to read
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Displaying 1 - 30 of 31 reviews
October 18, 2024
This is an important book. Highly recommended. The audio version was great.
Ms. Baker tells a sweeping story of sanction enforcement on oligarchs, companies, and fixers and their never-ending evasion schemes; the pullout of Western firms from Russia; how a variety of countries and intermediaries are helping Russia get around technology restrictions; the critical effort to cap the price of Russian oil to limit Russian revenue without tanking the world economy; and the hurdles to transferring the billions of Russian central bank assets frozen in the West to Ukraine.
The book is very well sourced - Baker has a veteran reporter’s access to high placed insiders, oligarchs, and influential people like Larry Sommers. She knows the subject from years covering Russian business and speaks Russian.
She rightly puts this story in context of the new Cold War being waged by Russia and China against the Western-led world economy, democracy, and the rule of law. I understand now that punishing Putin is a long-term project and will require sustained US and Western leadership.
Ms. Baker tells a sweeping story of sanction enforcement on oligarchs, companies, and fixers and their never-ending evasion schemes; the pullout of Western firms from Russia; how a variety of countries and intermediaries are helping Russia get around technology restrictions; the critical effort to cap the price of Russian oil to limit Russian revenue without tanking the world economy; and the hurdles to transferring the billions of Russian central bank assets frozen in the West to Ukraine.
The book is very well sourced - Baker has a veteran reporter’s access to high placed insiders, oligarchs, and influential people like Larry Sommers. She knows the subject from years covering Russian business and speaks Russian.
She rightly puts this story in context of the new Cold War being waged by Russia and China against the Western-led world economy, democracy, and the rule of law. I understand now that punishing Putin is a long-term project and will require sustained US and Western leadership.
November 30, 2024
Fantastic! Was a much needed review and summary of like everything that’s been going on in Russia ~generally, ~since the collapse of the Soviet Union, ~since 2014, ~since 2022, and in the present day with regards to Russia’s economic and political posturing and its efforts to carve out its place on the global stage. Really great work - so thoroughly researched and everything felt connected in a genuine, thoughtful way as opposed to a patching together of disparate facts.
December 20, 2024
/Audiobook/
This book explores the economic sanctions the US and European countries imposed on Russia in response to its invasion of Ukraine while also looking at the history of the development of wealth and oligarchy in Russia. It also discusses all the political games and why things are not moving as fast as they should with sanctions.
I think it's a good overview and gives a lot of backstory and details on the development of Russia and I learned a lot. However, I also do have quite a few issues. I think it was rather hard to follow due to the time jumps and some very long personal histories of some people. Also, in the audiobook, I was really annoyed with the pronunciation of Russian names and places as well as European ones. It was all said in a very Americanized way which just didn't fit in a book about Russia.
All in all, I think the author has a lot of knowledge throughout her career, she has met and interviewed so many people who have been part of the story both in a good and a bad way, but unless you have a very strong background on Russian history, this might be a bit too overwhelming. However, I still rate it rather high and recommend if you're interested in the topic and want to learn more about what's going on in the world.
This book explores the economic sanctions the US and European countries imposed on Russia in response to its invasion of Ukraine while also looking at the history of the development of wealth and oligarchy in Russia. It also discusses all the political games and why things are not moving as fast as they should with sanctions.
I think it's a good overview and gives a lot of backstory and details on the development of Russia and I learned a lot. However, I also do have quite a few issues. I think it was rather hard to follow due to the time jumps and some very long personal histories of some people. Also, in the audiobook, I was really annoyed with the pronunciation of Russian names and places as well as European ones. It was all said in a very Americanized way which just didn't fit in a book about Russia.
All in all, I think the author has a lot of knowledge throughout her career, she has met and interviewed so many people who have been part of the story both in a good and a bad way, but unless you have a very strong background on Russian history, this might be a bit too overwhelming. However, I still rate it rather high and recommend if you're interested in the topic and want to learn more about what's going on in the world.
May 15, 2025
Very interesting book. Many ideas drawing from a diverse range of sources as well as the author’s own experiences in Russia. I think at times it went in to too much detail, often repeating things that had been previously explained. This was likely due to the structure of the book itself.
In some ways this book makes me feel sympathetic to the Russian people. It’s unfortunate that even those that oppose the war (including the oligarchs) have to pay for Putin’s aggression. I think this is an area I would like to have seen explored more in the book.
In some ways this book makes me feel sympathetic to the Russian people. It’s unfortunate that even those that oppose the war (including the oligarchs) have to pay for Putin’s aggression. I think this is an area I would like to have seen explored more in the book.
December 8, 2024
(The English review is placed beneath the Russian one)
Сотни лет часы на башне
Зазывали лордов на пир,
А теперь Биг Бен на память
Нам подарит сувенир.
Волны холодной реки
Наши хоронят мечты.
К сожалению, информации о борьбе с российскими олигархами или с "кошельками" Путина в книге не так много. Этой теме автор посвящает лишь одну-две главы, большая же часть относится к теме современного российско-украинского военного конфликта через призму обхода российскими олигархами санкций, а также практики российского параллельного (серого) импорта. Несмотря на то, что вопрос обхода Россией санкций может показаться интересным, описание даётся довольно поверхностным и сводится в основном к цитированию журналистских расследований на данную тему. Впрочем, если человек никогда не сталкивался с темой обхода Россией зарубежный санкций, тогда книга возможно и заинтересует. С моей точки зрения эти две темы очень разные и поэтому включать обе темы в одну книгу представляется мне ошибочным.
Первая глава получилась интересной и даже забавной. Забавным тут является то, что американское правительство после того как конфисковало яхту у очередного путинского олигарха оказалась перед дилеммой, когда счёт за содержание и обслуживания яхты всё увеличивался и увеличивался. В итоге получилось, что американское правительство само создало для себя же проблему.
Fees to maintain the boat quickly mounted. Normally operated by a crew of thirty-three, Amadea still needed at least half that many—from engineers to deckhands—rotating on board, available in case of fuel spills or fires. The exterior needed regular washing, or the boat might need a multimillion-dollar repaint job. Then there was insurance and port fees. The monthly costs: $750,000. To maintain its insurance, it had to go into a dry dock for repairs at a cost of $5.6 million.
Это, конечно, очень смешно и этот момент является самым забавным в книге, да и самым интересным. К сожалению, на этом эксклюзивный материал заканчивается и дальше начинается использование общеизвестных историй и (информационных) источников. Плюс к этому удивляет довольно слабое знание автором той темы, о которой она пишет. К примеру, у автора какое-то наивное представление об истории современной России, когда сначала была демократия и свобода, а потом вдруг, откуда ни возьмись, пришёл плохой президент (Путин) и разрушил всю (демократическую) гармонию. Прям, какой-то наивный детский взгляд.
The 1998 financial crisis set off a political maelstrom that effectively ended Yeltsin’s presidency and cleared the path for an authoritarian leader such as Putin to emerge.
Авторитарный путь развития уже был начерчен и начерчен самим Ельциным и его подручными олигархами. Печально, что таких простых вещей автор не знает, хотя она взялась писать книгу о современной России. Это в России псевдо-либералы и демократы из 90-ых пытались все эти 30 лет убедить российский народ, что Ельцин был меньшим злом, что он строил демократию (пусть и криво и косо) и прочее враньё, но на Западе такой иллюзии не было так же как издавалось множество книг рассказывающих об авторитарном правлении Ельцина. Могу лишь предположить, что автор в своём исследовании современной России основывалась на СМИ, а не на серьёзной литературе по современной России. В общем, печально. Но вернёмся непосредственно к теме.
When it comes to Russian billionaires, what’s on paper doesn’t always reflect reality. Russian tycoons are known to operate by unwritten agreements and sometimes arrange to have others hold assets on their behalf.
Использование третьих лиц для приобретения недвижимости и проведение прочих сделок является краеугольным камнем реальной внешней политики, которую проводит Кремль. Именно этот инструмент используется для мягкого влияния на иностранных политиков и на Западное общество для достижения своих целей (покупка СМИ, оплата публикаций и лоббизм в целом). В книге есть много историй того как российские олигархи покупали недвижимость, произведения искусства, отправляли своих любовниц рожать в США и пр. и всё это с использованием подставных или третьих лиц. Думается мне, такой подход российские олигархи отточили ещё в 90-ые, когда, чтобы не компрометировать себя, они нанимали людей, которые никак с ними не были связанны, для совершения нападок на своих конкурентов или противников по бизнесу или политике. Мне почему-то вспоминаются войны компроматов из 90-ых. В любом случаи тут стоит отметить, что такую практику довольно трудно пресечь, ибо очень трудно определить, работает ли человек на определённого олигарха или нет. К сожалению, автор пишет об этом довольно скучно и поверхностно. А жаль, ибо если бы вся или половина книги была бы посвящена этой теме, то читать было бы намного интересней, а книга стала бы уникальной. Повторюсь, достижения своих целей через третьих лиц, это любимый способ российской элиты ещё со времён Ельцина. Можно даже вспомнить дворец в Геленджике, который по документам не принадлежит ни Путину, ни его родственникам, но при этом все понимают, что такой дворец может принадлежать лишь одному человеку в России.
Я потерял интерес к книге ближе к концу, когда автор пишет о массовом уходе иностранных корпораций из РФ после того как Россия вторглась в Украину в феврале 2022 года. Ничего нового тут нет, за исключением одной примечательной фразы, которая может и не означать ничего, но может так же многое объяснять.
The contract gave McDonald’s the right to buy back the business within fifteen years on market terms.
Как мне кажется, часть иностранных компаний договорились с Кремлём о выкупе своего бизнеса в течение 15 лет. С этой целью Путин передал иностранные активы специально отобранным людям, которые без пререканий согласятся вернуть все активы иностранных компаний (как говорится, «Россия - щедрая душа»). Короче, мне кажется, существует некая договорённость между Кремлём и иностранным бизнесом. К сожалению, автор об этом ничего не пишет, а всё остальное время отводит тому, как иностранные компании были подвергнуты давлению, как со стороны собственного правительства, так и со стороны украинских активистов. Это всё понятно - нужно соблюдать приличия. Но главным является именно возможный возврат иностранных компаний в Россию после окончания военных действий. Может так получится, что крупные иностранные гиганты потеряют минимум от того что они в реальности могли потерять. Будет ли это тогда победой Путина? В определённом смысле да. Впрочем, трудно представить, что найдётся какая-нибудь коммерческая компания, которая откажется возвращаться в Россию на том основании, что Россия творила ужасные вещи на территории Украины. Несмотря на то, что сегодня модно говорить о социально ответственном бизнесе, эта тема не распространяется за пределы Западных стран, что хорошо показала история крупных корпораций, эксплуатирующих жителей стран третьего мира. Так почему тут они должны делать исключение? Опять же, это всё прогнозы и мы не знаем, что большинство компаний будут делать, но вот эта фраза довольно примечательная.
Unfortunately, there is not much information about the fight against Russian oligarchs or “Putin's purses” in the book. The author devotes only one or two chapters to this topic, while most of the book deals with the current Russian-Ukrainian military conflict through the prism of Russian oligarchs' circumvention of sanctions, as well as the practice of Russian parallel (gray) imports. Even though the issue of Russia's circumvention of sanctions may seem interesting, the description is rather superficial and is reduced mainly to quoting investigative journalism on the subject. However, if a person has never encountered the topic of Russia's circumvention of foreign sanctions, then the book may be of interest. From my point of view, these two topics are very different, therefore, it seems to me to be a mistake to include both topics in one book.
The first chapter was interesting and even funny. The funny thing here is that after confiscating a yacht from another Putin oligarch, the U.S. government was faced with a dilemma when the bill for the yacht's upkeep and maintenance kept getting bigger and bigger. As a result, the U.S. government created a problem for itself.
Fees to maintain the boat quickly mounted. Normally operated by a crew of thirty-three, Amadea still needed at least half that many—from engineers to deckhands—rotating on board, available in case of fuel spills or fires. The exterior needed regular washing, or the boat might need a multimillion-dollar repaint job. Then there was insurance and port fees. The monthly costs: $750,000. To maintain its insurance, it had to go into a dry dock for repairs at a cost of $5.6 million.
This is, of course, very funny and this moment is the funniest in the book, and also the most interesting. Unfortunately, this is where the exclusive material ends, and the use of common knowledge stories and (information) sources starts. Plus, it is surprising to see the author's rather poor knowledge of the topic she is writing about. For example, the author has some naive idea of the history of modern Russia, when first there was democracy and freedom, and then suddenly, out of nowhere, came a bad president (Putin) and destroyed the whole (democratic) harmony. Just some kind of naive and childish view.
The 1998 financial crisis set off a political maelstrom that effectively ended Yeltsin’s presidency and cleared the path for an authoritarian leader such as Putin to emerge.
The authoritarian path of development has already been mapped out and drawn by Yeltsin and his handmaidens the oligarchs. It is sad that such simple things the author does not know, although she took up to write a book about modern Russia. It was in Russia that pseudo-liberals and democrats from the 90s tried to convince the Russian people for 30 years that Yeltsin was the lesser evil, that he built democracy (albeit crookedly and obliquely) and other lies, but in the West, there was no such illusion, just as there were many books published about Yeltsin's authoritarian rule. I can only assume that the author in her study of modern Russia was based on the media and not on serious literature on modern Russia. All in all, sad. But let's return to the topic itself.
When it comes to Russian billionaires, what’s on paper doesn’t always reflect reality. Russian tycoons are known to operate by unwritten agreements and sometimes arrange to have others hold assets on their behalf.
The use of third parties to acquire real estate and conduct other transactions is the cornerstone of the real foreign policy that the Kremlin pursues. It is this tool that is used to softly influence foreign politicians and Western society to achieve its goals (buying media, paying for publications, and lobbying in general). In the book, there are many stories of how Russian oligarchs bought real estate, works of art, sent their mistresses to give birth in the USA, etc., and all this using front or third parties. I think this approach was perfected by Russian oligarchs back in the 90s, when, in order not to compromise themselves, they hired people who were in no way connected to them to attack their competitors or opponents in business or politics. I'm reminded of the kompromat wars of the 90s for some reason. In any case, it is worth noting that such practices are quite difficult to stop because it is difficult to determine whether a person works for a certain oligarch or not. Unfortunately, the author writes about it rather boringly and superficially. It is a pity because if all or half of the book were devoted to this topic, it would be much more interesting to read, and the book would be unique. Again, achieving their goals through third parties has been a favorite method of the Russian elite since Yeltsin's time. One can even remember the palace in Gelendzhik, which according to documents does not belong to Putin or his relatives but everyone realizes that such a palace can belong to only one person in Russia.
I lost interest in the book near the end when the author wrote about the mass exodus of foreign corporations from the Russian Federation after Russia invaded Ukraine in February 2022. Nothing new here, except for one notable phrase that may not mean anything, but may explain as much.
The contract gave McDonald’s the right to buy back the business within fifteen years on market terms.
It seems to me that some of the foreign companies have agreed with the Kremlin to buy back their business within 15 years. To this end, Putin has handed over foreign assets to specially selected people who will agree to return all the assets of foreign companies (as they say, “Russia is a generous soul”). In short, it seems to me that there is some kind of agreement between the Kremlin and foreign businesses. Unfortunately, the author does not write anything about this, and the rest of the time is spent on how foreign companies have been subjected to pressure, both from their own government and Ukrainian activists. It's all understandable - you have to maintain decorum. But the main thing is the possible return of foreign companies to Russia after the end of hostilities. It may happen that the big foreign giants will lose the minimum of what they could actually lose. Would that then be a victory for Putin? In a certain sense, yes. However, it is hard to imagine that there will be any commercial company that will refuse to return to Russia on the grounds that Russia has done terrible things in Ukraine. Although it is fashionable to talk about socially responsible business today, this theme does not extend beyond Western countries, as the history of large corporations exploiting the inhabitants of Third World countries has well demonstrated. So why should they make an exception here? Again, these are all predictions, and we don't know what most companies will do, but this phrase is quite remarkable.
Сотни лет часы на башне
Зазывали лордов на пир,
А теперь Биг Бен на память
Нам подарит сувенир.
Волны холодной реки
Наши хоронят мечты.
К сожалению, информации о борьбе с российскими олигархами или с "кошельками" Путина в книге не так много. Этой теме автор посвящает лишь одну-две главы, большая же часть относится к теме современного российско-украинского военного конфликта через призму обхода российскими олигархами санкций, а также практики российского параллельного (серого) импорта. Несмотря на то, что вопрос обхода Россией санкций может показаться интересным, описание даётся довольно поверхностным и сводится в основном к цитированию журналистских расследований на данную тему. Впрочем, если человек никогда не сталкивался с темой обхода Россией зарубежный санкций, тогда книга возможно и заинтересует. С моей точки зрения эти две темы очень разные и поэтому включать обе темы в одну книгу представляется мне ошибочным.
Первая глава получилась интересной и даже забавной. Забавным тут является то, что американское правительство после того как конфисковало яхту у очередного путинского олигарха оказалась перед дилеммой, когда счёт за содержание и обслуживания яхты всё увеличивался и увеличивался. В итоге получилось, что американское правительство само создало для себя же проблему.
Fees to maintain the boat quickly mounted. Normally operated by a crew of thirty-three, Amadea still needed at least half that many—from engineers to deckhands—rotating on board, available in case of fuel spills or fires. The exterior needed regular washing, or the boat might need a multimillion-dollar repaint job. Then there was insurance and port fees. The monthly costs: $750,000. To maintain its insurance, it had to go into a dry dock for repairs at a cost of $5.6 million.
Это, конечно, очень смешно и этот момент является самым забавным в книге, да и самым интересным. К сожалению, на этом эксклюзивный материал заканчивается и дальше начинается использование общеизвестных историй и (информационных) источников. Плюс к этому удивляет довольно слабое знание автором той темы, о которой она пишет. К примеру, у автора какое-то наивное представление об истории современной России, когда сначала была демократия и свобода, а потом вдруг, откуда ни возьмись, пришёл плохой президент (Путин) и разрушил всю (демократическую) гармонию. Прям, какой-то наивный детский взгляд.
The 1998 financial crisis set off a political maelstrom that effectively ended Yeltsin’s presidency and cleared the path for an authoritarian leader such as Putin to emerge.
Авторитарный путь развития уже был начерчен и начерчен самим Ельциным и его подручными олигархами. Печально, что таких простых вещей автор не знает, хотя она взялась писать книгу о современной России. Это в России псевдо-либералы и демократы из 90-ых пытались все эти 30 лет убедить российский народ, что Ельцин был меньшим злом, что он строил демократию (пусть и криво и косо) и прочее враньё, но на Западе такой иллюзии не было так же как издавалось множество книг рассказывающих об авторитарном правлении Ельцина. Могу лишь предположить, что автор в своём исследовании современной России основывалась на СМИ, а не на серьёзной литературе по современной России. В общем, печально. Но вернёмся непосредственно к теме.
When it comes to Russian billionaires, what’s on paper doesn’t always reflect reality. Russian tycoons are known to operate by unwritten agreements and sometimes arrange to have others hold assets on their behalf.
Использование третьих лиц для приобретения недвижимости и проведение прочих сделок является краеугольным камнем реальной внешней политики, которую проводит Кремль. Именно этот инструмент используется для мягкого влияния на иностранных политиков и на Западное общество для достижения своих целей (покупка СМИ, оплата публикаций и лоббизм в целом). В книге есть много историй того как российские олигархи покупали недвижимость, произведения искусства, отправляли своих любовниц рожать в США и пр. и всё это с использованием подставных или третьих лиц. Думается мне, такой подход российские олигархи отточили ещё в 90-ые, когда, чтобы не компрометировать себя, они нанимали людей, которые никак с ними не были связанны, для совершения нападок на своих конкурентов или противников по бизнесу или политике. Мне почему-то вспоминаются войны компроматов из 90-ых. В любом случаи тут стоит отметить, что такую практику довольно трудно пресечь, ибо очень трудно определить, работает ли человек на определённого олигарха или нет. К сожалению, автор пишет об этом довольно скучно и поверхностно. А жаль, ибо если бы вся или половина книги была бы посвящена этой теме, то читать было бы намного интересней, а книга стала бы уникальной. Повторюсь, достижения своих целей через третьих лиц, это любимый способ российской элиты ещё со времён Ельцина. Можно даже вспомнить дворец в Геленджике, который по документам не принадлежит ни Путину, ни его родственникам, но при этом все понимают, что такой дворец может принадлежать лишь одному человеку в России.
Я потерял интерес к книге ближе к концу, когда автор пишет о массовом уходе иностранных корпораций из РФ после того как Россия вторглась в Украину в феврале 2022 года. Ничего нового тут нет, за исключением одной примечательной фразы, которая может и не означать ничего, но может так же многое объяснять.
The contract gave McDonald’s the right to buy back the business within fifteen years on market terms.
Как мне кажется, часть иностранных компаний договорились с Кремлём о выкупе своего бизнеса в течение 15 лет. С этой целью Путин передал иностранные активы специально отобранным людям, которые без пререканий согласятся вернуть все активы иностранных компаний (как говорится, «Россия - щедрая душа»). Короче, мне кажется, существует некая договорённость между Кремлём и иностранным бизнесом. К сожалению, автор об этом ничего не пишет, а всё остальное время отводит тому, как иностранные компании были подвергнуты давлению, как со стороны собственного правительства, так и со стороны украинских активистов. Это всё понятно - нужно соблюдать приличия. Но главным является именно возможный возврат иностранных компаний в Россию после окончания военных действий. Может так получится, что крупные иностранные гиганты потеряют минимум от того что они в реальности могли потерять. Будет ли это тогда победой Путина? В определённом смысле да. Впрочем, трудно представить, что найдётся какая-нибудь коммерческая компания, которая откажется возвращаться в Россию на том основании, что Россия творила ужасные вещи на территории Украины. Несмотря на то, что сегодня модно говорить о социально ответственном бизнесе, эта тема не распространяется за пределы Западных стран, что хорошо показала история крупных корпораций, эксплуатирующих жителей стран третьего мира. Так почему тут они должны делать исключение? Опять же, это всё прогнозы и мы не знаем, что большинство компаний будут делать, но вот эта фраза довольно примечательная.
Unfortunately, there is not much information about the fight against Russian oligarchs or “Putin's purses” in the book. The author devotes only one or two chapters to this topic, while most of the book deals with the current Russian-Ukrainian military conflict through the prism of Russian oligarchs' circumvention of sanctions, as well as the practice of Russian parallel (gray) imports. Even though the issue of Russia's circumvention of sanctions may seem interesting, the description is rather superficial and is reduced mainly to quoting investigative journalism on the subject. However, if a person has never encountered the topic of Russia's circumvention of foreign sanctions, then the book may be of interest. From my point of view, these two topics are very different, therefore, it seems to me to be a mistake to include both topics in one book.
The first chapter was interesting and even funny. The funny thing here is that after confiscating a yacht from another Putin oligarch, the U.S. government was faced with a dilemma when the bill for the yacht's upkeep and maintenance kept getting bigger and bigger. As a result, the U.S. government created a problem for itself.
Fees to maintain the boat quickly mounted. Normally operated by a crew of thirty-three, Amadea still needed at least half that many—from engineers to deckhands—rotating on board, available in case of fuel spills or fires. The exterior needed regular washing, or the boat might need a multimillion-dollar repaint job. Then there was insurance and port fees. The monthly costs: $750,000. To maintain its insurance, it had to go into a dry dock for repairs at a cost of $5.6 million.
This is, of course, very funny and this moment is the funniest in the book, and also the most interesting. Unfortunately, this is where the exclusive material ends, and the use of common knowledge stories and (information) sources starts. Plus, it is surprising to see the author's rather poor knowledge of the topic she is writing about. For example, the author has some naive idea of the history of modern Russia, when first there was democracy and freedom, and then suddenly, out of nowhere, came a bad president (Putin) and destroyed the whole (democratic) harmony. Just some kind of naive and childish view.
The 1998 financial crisis set off a political maelstrom that effectively ended Yeltsin’s presidency and cleared the path for an authoritarian leader such as Putin to emerge.
The authoritarian path of development has already been mapped out and drawn by Yeltsin and his handmaidens the oligarchs. It is sad that such simple things the author does not know, although she took up to write a book about modern Russia. It was in Russia that pseudo-liberals and democrats from the 90s tried to convince the Russian people for 30 years that Yeltsin was the lesser evil, that he built democracy (albeit crookedly and obliquely) and other lies, but in the West, there was no such illusion, just as there were many books published about Yeltsin's authoritarian rule. I can only assume that the author in her study of modern Russia was based on the media and not on serious literature on modern Russia. All in all, sad. But let's return to the topic itself.
When it comes to Russian billionaires, what’s on paper doesn’t always reflect reality. Russian tycoons are known to operate by unwritten agreements and sometimes arrange to have others hold assets on their behalf.
The use of third parties to acquire real estate and conduct other transactions is the cornerstone of the real foreign policy that the Kremlin pursues. It is this tool that is used to softly influence foreign politicians and Western society to achieve its goals (buying media, paying for publications, and lobbying in general). In the book, there are many stories of how Russian oligarchs bought real estate, works of art, sent their mistresses to give birth in the USA, etc., and all this using front or third parties. I think this approach was perfected by Russian oligarchs back in the 90s, when, in order not to compromise themselves, they hired people who were in no way connected to them to attack their competitors or opponents in business or politics. I'm reminded of the kompromat wars of the 90s for some reason. In any case, it is worth noting that such practices are quite difficult to stop because it is difficult to determine whether a person works for a certain oligarch or not. Unfortunately, the author writes about it rather boringly and superficially. It is a pity because if all or half of the book were devoted to this topic, it would be much more interesting to read, and the book would be unique. Again, achieving their goals through third parties has been a favorite method of the Russian elite since Yeltsin's time. One can even remember the palace in Gelendzhik, which according to documents does not belong to Putin or his relatives but everyone realizes that such a palace can belong to only one person in Russia.
I lost interest in the book near the end when the author wrote about the mass exodus of foreign corporations from the Russian Federation after Russia invaded Ukraine in February 2022. Nothing new here, except for one notable phrase that may not mean anything, but may explain as much.
The contract gave McDonald’s the right to buy back the business within fifteen years on market terms.
It seems to me that some of the foreign companies have agreed with the Kremlin to buy back their business within 15 years. To this end, Putin has handed over foreign assets to specially selected people who will agree to return all the assets of foreign companies (as they say, “Russia is a generous soul”). In short, it seems to me that there is some kind of agreement between the Kremlin and foreign businesses. Unfortunately, the author does not write anything about this, and the rest of the time is spent on how foreign companies have been subjected to pressure, both from their own government and Ukrainian activists. It's all understandable - you have to maintain decorum. But the main thing is the possible return of foreign companies to Russia after the end of hostilities. It may happen that the big foreign giants will lose the minimum of what they could actually lose. Would that then be a victory for Putin? In a certain sense, yes. However, it is hard to imagine that there will be any commercial company that will refuse to return to Russia on the grounds that Russia has done terrible things in Ukraine. Although it is fashionable to talk about socially responsible business today, this theme does not extend beyond Western countries, as the history of large corporations exploiting the inhabitants of Third World countries has well demonstrated. So why should they make an exception here? Again, these are all predictions, and we don't know what most companies will do, but this phrase is quite remarkable.
May 10, 2025
This is a really good run down on the challenges of sanctions in a world economy and the Russian oligarchy crowd.
May 6, 2025
A brilliantly researched & timely expose..reads like a thriller...Compelling & vital.
December 20, 2024
If you think sanctions are boring, think again. If you think sanctions are futile, (well the verdicts not fully out yet but the evidence suggests that) you should think again.
June 14, 2025
Not much insight here.
The writer obviously has been influenced by some self-serving bureaucrats and bankers to portray themselves of some heroic deeds. However those of us who actually follow the world news know that all these sanctions not only failed but ultimately backfired. EU countries in particular and the rest of the world paid a heavy price for these sanctions with increased oil gas and commodities prices while Putin & Russia actually made more money than before sanctions were imposed.
The writer fails to provide a critical analysis of how these sanctions were conceived and imposed. To me these shows the incompetence of the politicians, bureaucrats and bankers in failing to foresee the results of these sanctions. You don't have to be an expert to know the results - people who have some understanding of international business and supply chain could have told them.
The comical and illegal attempt to seize assets belonging Russian billionaires is another ill conceived idea. There is no legal basis or logical reasons to do so. Even if these are successful, it would not have impacted the invasion or the Russian economy. They can talk about the rule based international order while at the same time using the same illegal methods and judicial over reach approaches to punish Putin.
As for the writer, for all her experience she should have been more critical and provided a more rounded impact of these sanctions and not rely on the accounts of some glory boys.
Only parts of the book are about sanctions as the writer has veered off tangent to other topics and some more interesting aspects of the sanctions / economic warfare was not covered. What would have been more interesting would be how Russia evaded sanctions especially the oil and gas ones by using shadow fleets. The writer could also have pointed out that the Western nations' fake public policy of taking a hard line and imposing sanctions on Russia while buying Russian oil and gas directly and indirectly more or less before. That also contributed to the failure of the sanctions
The writer obviously has been influenced by some self-serving bureaucrats and bankers to portray themselves of some heroic deeds. However those of us who actually follow the world news know that all these sanctions not only failed but ultimately backfired. EU countries in particular and the rest of the world paid a heavy price for these sanctions with increased oil gas and commodities prices while Putin & Russia actually made more money than before sanctions were imposed.
The writer fails to provide a critical analysis of how these sanctions were conceived and imposed. To me these shows the incompetence of the politicians, bureaucrats and bankers in failing to foresee the results of these sanctions. You don't have to be an expert to know the results - people who have some understanding of international business and supply chain could have told them.
The comical and illegal attempt to seize assets belonging Russian billionaires is another ill conceived idea. There is no legal basis or logical reasons to do so. Even if these are successful, it would not have impacted the invasion or the Russian economy. They can talk about the rule based international order while at the same time using the same illegal methods and judicial over reach approaches to punish Putin.
As for the writer, for all her experience she should have been more critical and provided a more rounded impact of these sanctions and not rely on the accounts of some glory boys.
Only parts of the book are about sanctions as the writer has veered off tangent to other topics and some more interesting aspects of the sanctions / economic warfare was not covered. What would have been more interesting would be how Russia evaded sanctions especially the oil and gas ones by using shadow fleets. The writer could also have pointed out that the Western nations' fake public policy of taking a hard line and imposing sanctions on Russia while buying Russian oil and gas directly and indirectly more or less before. That also contributed to the failure of the sanctions
November 21, 2024
This is a book about the economic sanctions that the US and European countries have tried to impose on Russia in connection with the invasion of Ukraine. There have been some successes, but also a lot of weaknesses and a general inability to create a punishing system that will effectively bring Russia to the table. As long as the Europeans keep buying Russian oil no amount of confiscation of superyachts will make much of a difference. Plus, the Russians have always suffered. They are good at it. And they have a long history of seeing the world order as Russia against everybody. Sanctions reinforce these core mindsets rather than getting us to a solution. And having the ability to blame the US and Europe for Russia's economic problems gives Mr. Putin yet another way of distracting his people from the real issues. I don't have any faith the economic sanctions will ever make much of a difference. Perhaps leaky sanctions are better than no sanctions, but Ms. Baker's breathless stories about heroic lawyers and bankers who managed to push through the current sanctions seemed misplaced to me. The only way that any of this makes sense is if you really do it right - embargo Russian oil and take the consequences and confiscate, don't just freeze, the entire overseas assets of the Russian government and the complicit oligarchs. I get why there may not be the political will to do those things and that doing them may cause significant collateral damage, but either do it right be content for the sanctions to be no more than a few gnats nibbling at the ears of the big Russian bear. Minor annoyances at most.
June 28, 2024
Thank you Scribner for providing this book for review consideration via NetGalley. All opinions are my own. No review was required in return for an advance reading copy and no review was promised.
Mr. Book just finished Punishing Putin: Inside the Global Economic War to Bring Down Russia, by Stephanie Baker.
The book was about the United States’s efforts to stop Putin through economic sanctions. It was a world-wide coalition, but the US efforts was what the book focused most of its discussion on. There were also stories about individual oligarchs having their assets seized.
One of the highlights of the book was the discussion of the case of Charles McGonigal, who had been the FBI’s former head of counterintelligence in New York, before he went to work for a Russian oligarch and eventually pled guilty to sanctions evasion and money laundering. Another highlight of the book was the discussion of “citizenship by investment” in which Russians were able to launder money through Cyrus.
I found this book to be very inconsistent. There were times when the narrative was interesting, but too many when it wasn’t. Due to that inconsistency, I am going to have to give this one a C. Goodreads and NetGalley require grades on a 1-5 star system. In my personal conversion system, a C equates to 2 stars. (A or A+: 5 stars, B+: 4 stars, B: 3 stars, C: 2 stars, D or F: 1 star).
This review has been posted at NetGalley, Goodreads and my blog, Mr. Book’s Book Reviews
I originally finished reading this on June 28, 2024.
Mr. Book just finished Punishing Putin: Inside the Global Economic War to Bring Down Russia, by Stephanie Baker.
The book was about the United States’s efforts to stop Putin through economic sanctions. It was a world-wide coalition, but the US efforts was what the book focused most of its discussion on. There were also stories about individual oligarchs having their assets seized.
One of the highlights of the book was the discussion of the case of Charles McGonigal, who had been the FBI’s former head of counterintelligence in New York, before he went to work for a Russian oligarch and eventually pled guilty to sanctions evasion and money laundering. Another highlight of the book was the discussion of “citizenship by investment” in which Russians were able to launder money through Cyrus.
I found this book to be very inconsistent. There were times when the narrative was interesting, but too many when it wasn’t. Due to that inconsistency, I am going to have to give this one a C. Goodreads and NetGalley require grades on a 1-5 star system. In my personal conversion system, a C equates to 2 stars. (A or A+: 5 stars, B+: 4 stars, B: 3 stars, C: 2 stars, D or F: 1 star).
This review has been posted at NetGalley, Goodreads and my blog, Mr. Book’s Book Reviews
I originally finished reading this on June 28, 2024.
September 21, 2024
Like many people I have been skeptical about the real effect of sanctions on Russia in the Ukraine War. But maybe that's the problem with so much today — we all want to use a hammer when a scalpel is not only what's available but what's needed. That's the real message of this book — the writer does a great job of demystifying (and revivifying) what seemed to me like an impossibly dull and complicated subject, and does an even better job at making it relevant to me sitting on the other side of the world. Because there is no other side of the world now. As Baker makes chillingly clear, everything is connected — the 2024 US election, electronic breast pumps, the price of gas in India, Maldives microchips, oligarch superyachts, banks in Cyprus, Switzerland and the UAE, Fabergé eggs, and so much more stuff from all over the world — if you think sanctions are boring, think again. It all comes together like one of Carrie Mathison's crazy walls in Homeland, and all of us are involved in it a lot than we realize. As nonfiction books about politicking go, this is well-told, well-reported and a great education in what we need more of — intelligent, active non-warfare. And I feel smart now.
November 2, 2024
A brilliant telling of the efforts made by the West to punish Putin for his invasion of firstly Crimea and then Ukraine. Extraordinary insight into the way in which sanctions work, or sometimes don't, and the way in which the oligarchs have been caught by the sanctions increasingly imposed on Russia and the people closest to Putin. It is important to understand the West's ground breaking sanctions and how they were developed and formulated: perhaps other autocrats will read this book and realise there is a lot more at stake than simply success or failure on the battlefield. Whatever I thought I knew about the effects of Russia's invasion of Ukraine is greatly enhanced by reading this book. I hope that ordinary Russians will be able to read this book too, as then maybe they will understand how their ruling elite has isolated them from the rest of the world.
April 19, 2025
A very thoroughly researched book on the sanctions and other tools used to apply pressure to Russia during the invasion of Ukraine. I felt that there could have been a little more criticality aimed at the financial system which has made America the preeminent world power and a little less 'those Europeans can't get their ducks in a row despite America's efforts'. Laws don't necessarily align well, and there are countries which should have done more, but the shadowy financial system is ultimately what allows the rich to escape justice.
November 30, 2024
Solidly reported although ultimately unsatisfying. We’ll eventually say whether the West’s measures to punish Russia and eventually force them to bear the cost of rebuilding Ukraine. Many what ifs arise through this journey and I’m sure this global realignment of world powers will have implications for many generations to come. Sadly we seem to be repeating history through feckless half-measures while Europe dithers as usual.
May 3, 2025
This book looks at how Putin came to be the chief thug of Russia and the rise of the super wealthy who owe their fortune to Putin and are absolutely beholden to him. The book also looks at how some things, such as electronics, easily slips past export controls and ends up in Russian weapons.
It even delves into an English soccer club owned by a Russian billionaire.
Pretty good book; well worth the read. Maybe a bit hard to get excited about such a corrupt leader and government.
It even delves into an English soccer club owned by a Russian billionaire.
Pretty good book; well worth the read. Maybe a bit hard to get excited about such a corrupt leader and government.
July 31, 2024
With gripping sweep and an eye for juicy detail (from superyachts to the dazzling rise and fall of McDonald’s Big Macs in Moscow) Baker deploys a career of front-row access to oligarchs and historic events to detail the cat-and-mouse battle to bring Putin to heel with the most potent weapon threatening those in his inner circle: money.
September 29, 2024
Interesting reporting about the sanctions that have been imposed on Russia since its invasion of Ukraine. It follows the money – how the West is trying to stop the flow of money to Putin’s regime and how he has evaded restrictions to continue financing this dreadful war. An engaging read with fascinating insights into the key players.
September 26, 2024
Inside the Global Economic War to Bring down Russia, the most sanctioned country in the world. Works partially Too big a resource economy to be held to check. Shows the loopholes that exist in making it a difficult task
December 9, 2024
Factual book that helps understand the economics behind the Ukraine war.
Provides insight into the Ukraine war. Factual and to the point. Explains the economics behind the war. I highly recommend this book.
Provides insight into the Ukraine war. Factual and to the point. Explains the economics behind the war. I highly recommend this book.
February 2, 2025
This is the side story of Ukrainian war. The story of how the world fights the Russian evil.
The author has collected the facts you won’t easily follow in news. But don’t expect these sanctions to be a fast remedy. The was is still ongoing.
The author has collected the facts you won’t easily follow in news. But don’t expect these sanctions to be a fast remedy. The was is still ongoing.
March 1, 2025
Some good content but a writing style that’s both too detailed and not gripping enough. So many Russian names that it’s hard to keep up.
Interesting analysis of the political wrangling over sanctions decisions and where countries should go further.
Interesting analysis of the political wrangling over sanctions decisions and where countries should go further.
May 11, 2025
While this was an excellent review of sanctions in the wake of the Russian invasion of Ukraine, the author was too enthusiastic about the anti-business failed sanction policies of the Biden Administration.
want-to-obtain
November 21, 2024Cue up:
NRPS
Dirty Business.
Do you trust the man?
I do not.
NRPS
Dirty Business.
Do you trust the man?
I do not.
May 5, 2025
this definitely got me to want to read more nonfiction books
July 18, 2025
writing my masters essay on this topic because its THAT good
October 14, 2025
well-researched but too zoomed-in -- IMO a book like this has to answer "what's the plan and is it working?" BEFORE it can indulge in oligarch side-quest rabbit holes
October 23, 2025
Well researched
Well researched book, but calling it "gripping" is an oversell. Interesting but a bit laborious /repetitive in places, and jumps around a lot.
Well researched book, but calling it "gripping" is an oversell. Interesting but a bit laborious /repetitive in places, and jumps around a lot.
December 26, 2025
Interesting insight onto globální interconnected world of money and geopolitics. Rather sad reading.
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