Russia is the largest country in the world, with the 9th largest population, and is the wealthiest in terms of natural resources in the entire world. Yet, it is only 11th in GDP, and a pathetic 57th in GDP per capita, behind such economic powerhouses as Greece and Kazakhstan. How is that even possible given all those natural resources?
I think Russia will be hurt far worse by the lack of European spare parts, machinery, and investment than will Europe by the loss of Russia resources.
Russia's dream for centuries - even much of the motivation for this war - is based upon Russia's desire to be a European great power. And that's in part because Russia still has a fear of Asia. Economic, social, and cultural to the West are supposed to be what gives them strength against the East.
Well, Russia will always have those nukes, so it will always be a great power in that sense. But Europe shutting and locking its doors to Russia is one of Russia's worst nightmares, because then they can no longer play off the East against the West as they have done for centuries. They'll be on their own.
That'll be a long term disaster for them economically, and in other ways as well. Couldn't happen to a nicer bunch as far as I'm concerned.
“Yet, it is only 11th in GDP, and a pathetic 57th in GDP per capita, behind such economic powerhouses as Greece and Kazakhstan. How is that even possible given all those natural resources?”
Maybe because they’re measuring wrong.
Who supplies stuff?
Who makes stuff?
Who grows stuff?
Versus:
Who has the largest entertainment industry?
Who has the largest insurance industry?
Who has the largest banking industry?
Who has the most lawyers?
There’s a reason that, despite throwing virtually everything that we had at Russia, that crappy little country, USING ONLY THEIR PINKY, is beating the crap out of a country we spent 8 years arming and training...while the West is watching their economies get DESTROYED right in front of their faces, while that crappy little country has its strongest currency in 4 years.
Time the West to re-write their Economics Books, it seems.