economy, especially in the hinterlands, with few signs of a possible turnaround. What accounted for these changes in Russia … himself, even more than external factors such as the sharp fall in oil prices or Western sanctions after Russia’s annexation … free media. In the economic realm, Putin effectively undermined Russia’s still-emerging and very fragile system for …

This brief assesses the state of the Ukrainian economy two years since Russia's full-scale invasion. After a …