In 2014, Russia’s bloc of economic strategists was panicked by Vladimir Putin’s decision to annex Crimea and foment a war in east Ukraine, a move that led to western condemnation and sanctions against Russia that were seen as potentially ruinous.
But his adviser Andrei Belousov was a rare economist who publicly stood by his side, calling the damage manageable and western sanctions “insignificant” in terms of the Russian economy.
