Free Republic

It is now abundantly clear that Russia has defeated the Western sanctions regime that was intended to cripple its economy and force its withdrawal from Ukraine. Instead of collapsing, the Russian economy is growing rapidly. Russia's GDP grew by an impressive 5.5 percent in the third quarter of 2023. Russian GDP growth for all of 2023 should exceed 3 percent. Ironically, the Russians are doing rather better than those who imposed sanctions on them. In 2023, the U.S. economy grew by 2.4 percent while the German economy shrank, and the EU as a whole grew by less than 1 percent....

Russian President Vladimir Putin waited only six months before switching from a special military operation to full scale war against Ukraine. Putin's initial assault was limited to barely 150,000 troops. He expected a quick victory followed by negotiations on his principal concerns: Russian control of Crimea, Ukrainian neutrality, and autonomy for the Russian population in the Donbas, but he was wrong. Putin had not counted on Ukraine's stiff resistance or the West's massive military and economic intervention. Faced with a new situation, Putin changed his strategy. Now he is about to unleash his own General Sherman and make Ukraine howl....

Our familiar system of global political and economic alliances is shifting, and nothing has made this change clearer than the varied reactions to Russia's invasion of Ukraine. While the United States and its closest allies in Europe and Asia have imposed tough economic sanctions on Moscow, 87 percent of the world's population has declined to follow us. Economic sanctions have united our adversaries in shared resistance. Less predictably, the outbreak of Cold War II, has also led countries that were once partners or non-aligned to become increasingly multi-aligned.Nowhere is the shift more apparent than in energy markets where, unlike with...