In December 2021, President Biden warned President Vladimir Putin of Russia that any incursion into Ukrainian territory would entail 鈥渆conomic consequences like none he has ever seen,鈥 wrote , assistant professor of history and Milstein Faculty Fellow, in a .
鈥淎merica and its European allies followed through on this threat with the largest scale economic sanctions effort in recent history,鈥 . 鈥淥ne year later, the Russian economy has weathered the shock much better than expected.鈥
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