Is Russia About To Suffer Another Economic Crash?

Adebayo Adeniran
3 min readMar 8, 2022

Events are unfolding right before our very eyes

Vardan Papikyan via Unsplash

A country trapped in the past, back when it was a dominant power in Eurasia. A nation in the grips of a major identity crisis, entirely of its own making.

And one which sought to re-establish its dominance by embarking on ruinous wars on its former colonies. A step which hastened its economic collapse, when it defaulted on its debts to the IMF.

Long queues of people scavenging for food in the bins and exchanging vouchers given to them by the government for something to eat.

Incredibly, that was Russia in 1998.

Twenty four years on, Russia is locked in another war with one of its former colonies which it sees as its own.

To prosecute this war, Vladimir Putin has been reliant on his web of oligarchs, near and far, getting them to pay for everything to ensure that the war is a resounding success.

And just as it was in 1998, when it failed to properly count the cost of embarking on the reconquest of a territory, which was no longer its, the people of Russia are finding out about things the very hard way.

Multi-nationals have never been in such a hurry to divest, and the sanctions, which have been imposed on its lifeblood — Russia’s…



Adebayo Adeniran

A lifelong bibliophile, who seeks to unleash his energy on as many subjects as possible