Punishing Putin - by Stephanie Baker

Book Synopsis

A "masterful" (Foreign Policy), authoritative, and timely look at the unprecedented economic war the United States and its European allies are waging against Russia after Vladimir Putin's invasion of Ukraine that "reads like a detective novel" (Nassim Nicholas Taleb)--written by a veteran journalist with unparalleled access to Western and Russian sources.

Undeterred by eight years of timid US sanctions, Vladimir Putin ordered his full-scale assault on Ukraine on February 24, 2022. In the hours that followed, Western leaders weaponized economic tools to counter an unprecedented land grab by a nuclear-armed power. What unfolded was an undeniably world-changing financial experiment that risked throwing the globe into a devastating recession. The end goal was simple: to sap the strength of Putin's war machine and damage the Russian economy--once the eleventh largest on the planet. Here, veteran journalist Stephanie Baker explains in fascinating detail how this furious shadow war unfolded: its causes, how it is being executed, and its ability to affect Russia and the course of history.

Punishing Putin reveals how Washington, Brussels, and London moved to seize superyachts, attempted to manipulate the global price of oil, and tried to block the sale of technology to Russia's military. The cost of the war mounted, and Baker tells the behind-the-scenes story of the decision to immobilize $300 billion in Russian central bank reserves accumulated in the West, and the fight over whether to use that pot of money for war-torn Ukraine. Baker also shows that the West, by mobilizing an army of white-collar investigators and experts on international law, has finally begun cracking down on illicit Russian money by targeting oligarchs, one superyacht at a time, and their enablers around the world.

Filled with propulsive, fly-on-the-wall details, Punishing Putin takes us into the frantic backroom deliberations that led to a whole new era of carefully calculated "economic statecraft," and shows how these new strategies are radically rearranging global alliances that will influence the world order today and for generations to come.

Review Quotes

"A deeply sourced investigation into the political economy of the sanctions imposed on Russia following its attack on Ukraine. . . . [Baker] provides colorful detail on the cat-and-mouse game between Western governments and Russian President Vladimir Putin's regime." -Foreign Affairs

About the Author

Stephanie Baker is an award-winning investigative reporter at Bloomberg News. She began her reporting career in Moscow during the 1990s, a volatile period that set Russia on its path today. She received her master's degree at the London School of Economics and her work has been recognized by the Gerald Loeb Awards, the Overseas Press Club, the UK Society of Editors, the Society for Advancing Business Editing and Writing, and the UK's Foreign Press Association.