As missiles rain down on Ukrainian cities, the world is grappling with the key question of how to end a bloody new war launched by Russia’s president, Vladimir Putin, that threatens to leave no nation untouched. The United States of America, the United Kingdom and the European Union have all imposed a series of tough sanctions against Russia in response to the invasion of Ukraine that Kiev said had left at least 137 people dead by Friday morning. But more than any economic punishment from Washington, Brussels and London, it is Mr Putin’s own actions that could undermine Moscow’s long-term strategic interests while crippling an image he has carefully cultivated among ordinary Russians. Western sanctions, so far, focus on Russia’s financial system, cutting its biggest banks off from accessing the European and American markets as well as dollars. The measures also include blocking Moscow’s access to Western technology that is critical for modernizing the Russian military and aerospace industries.
These are not the first Ukraine-related sanctions that Moscow has faced. Since 2014, when Russia annexed Crimea, the US has targeted oligarchs and other individuals close to Mr Putin with economic restrictions. While those steps did dent the Russian economy, the hurt was not enough to change the Kremlin’s calculus. The new sanctions imposed this week are much tougher and will rock Russia’s economy. The rouble has already fallen by 20 per cent against the dollar since earlier this month. Reports suggest Russians are desperately converting their money into dollars at banks. It is unclear if that pain will make Mr Putin reconsider his plans. In the meantime, the world will witness spikes in the prices of energy because of Russia’s dominance in the sector; and food, because of Ukraine’s status as a leading exporter of wheat and corn. Inflation will rise.
But the most lasting impact of this crisis might be on Russia, global politics and on Mr Putin himself. Over the past two decades, he has built a domestic image of a calm, cold, calculating leader who brought stability to Russia. His recklessness in Ukraine demolishes that. The large protests against the invasion that have erupted across major Russian cities — despite the knowledge that participants will be arrested and blacklisted — show that for many, the fear of Mr Putin is beginning to crumble. The Russian president’s actions have united Moscow’s previously divided opponents like NATO and the EU. European leaders who were his allies, like the Czech Republic’s president, Miloš Zeman, and Hungary’s prime minister, Viktor Orbán, are now openly condemning Mr Putin. Eight decades ago, when Kiev was last attacked in 1941, the Nazis were the aggressors. The historic battles for Kiev and Stalingrad are immortalized together on red stone memorials at the Tomb of the Unknown Soldier off Red Square. It is a tribute to modern Russia’s central role in defeating Hitler that for decades has inspired respect for Moscow around the world. Mr Putin has desecrated that legacy.