Russia's efforts to salvage economy could have devastating impacts

Russia's ties to the global economy are rapidly unwinding as crushing sanctions and the Kremlin's response upend decades of post-Soviet reforms.

The Kremlin announced strict banking and export limits meant to prop up its currency’s plunging value this week at the expense of foreigners. Moscow has also pledged to seize the assets of any business leaving Russia and allow its companies to steal Western patents.

Experts say the fallout could last long after the war in Ukraine ends and tarnish Russia's standing for decades, even if sanctions are eased.

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“It’s not going to be a huge punch, candidly, just because of the nature of the trade flows and the actions we've already taken,” said Emily Kilcrease, senior fellow at the Center for a New American Security.

“Nonetheless, you're doing it with allies, so that will boost the economic impact. And I do think it's a really important step to show that we're not going to let Russia freeride on a rules-based system without actually being constrained by it,” she added.

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