Empire building has always come at an economic cost for Russia – from the days of the czars to Putin's Ukraine invasion

Christopher A. Hartwell, Professor of International Business Policy, ZHAW School of Management and Law and Paul Vaaler, Professor of Law and Business, University of Minnesota
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President Vladimir Putin's invasion of Ukraine has come at huge economic costs. The newly released Russian government budget for 2024 calls for a 70% defense expenditure increase, an astonishing reallocation of precious resources for a war that some observers expected to last a week at most. Despite the toll of war and sanctions, the Russian economy has not collapsed and seems to have proven somewhat resilient against being shut out of global value chains.