Russia’s reliance on energy spells trouble for its economy

Vladimir putin, Russia’s belligerent president, has plunged his country not only into war but also into economic chaos. In response to his invasion of Ukraine, Western governments have imposed sanctions of unprecedented severity on Russia’s economy and financial system. An exodus of Western firms is under way. On March 8th Shell, Europe’s largest oil company, became the latest to say it would quit Russia. On the same day Joe Biden, America's president, announced a ban on purchases of Russian oil, the country's prime export.