How Russia might use the Iran playbook to stave off economic collapse from sanctions

Russia is facing an incoming economic storm after its invasion of Ukraine. Learning lessons from how Iran has coped with global sanctions may be key, reports Ahmed Aboudouh

How will Vladimir Putin prop up the plummeting rouble? (Sergei Karpukhin/TASS)

It was relatively quiet in Russia’s financial markets when the Ukrainian cities were initially pummelled one after another. Then the hit came.

The US, UK, EU, Japan and other governments announced strong economic sanctions that left Moscow scrambling to contain what will likely be a calamitous long-term impact on its economy.

Although it is too early to predict how bad the sanctions will prove for Russia – and officials in Moscow have talked tough by claiming that Vladimir Putin “doesn’t care” about them – it is already clear the impact will be severe despite Kremlin bravado.