Questions have been raised over just how much of a financial power Russia is, as it boasts roughly the same size economy as Spain, despite having three times the population, according to Politico.
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As the world remains on tenterhooks fearing what Russia may do next, it may question just what exactly can be deemed an 'achilles heel' to the president, Vladimir Putin.
Questions have been raised over just how much of a financial power Russia is, as it boasts roughly the same size economy as Spain, despite having three times the population, according to Politico.
Life expectancy in Russia is also shockingly a decade shorter than Spain's, meaning many ordinary Russians are poor, and they die early.
Furthermore, Russia's GDP per capita is among the lowest in Europe, below even Turkey.
Harvard economist Jason Furman described Russia's economy as "just a big gas station" to the New York Times.
He also added that it is "incredibly unimportant in the global economy except for oil and gas".
On Monday, Russia declared the independence of two states in Ukraine and sent troops there, resulting in global powers hitting Moscow with sanctions.
Germany made the first big move, taking steps to halt certification of the Nord Stream 2 gas pipeline from Russia – a massive, lucrative project long sought by Moscow but criticised by the US for increasing European reliance on Russian energy supplies.
In Washington, US president Joe Biden announced financial sanctions on banks and Russian officials close to Mr Putin as well as their sons as punishment for what he called “the beginning of a Russian invasion of Ukraine”.
He said the US would impose “full blocking” on two large Russian financial institutions and “comprehensive sanctions” on Russian debt.
“That means we’ve cut off Russia’s government from Western finance,” Mr Biden said.
“It can no longer raise money from the West and cannot trade in its new debt on our markets or European markets either".
The US leader promised that more sanctions would be coming if Mr Putin continues with the invasion.
The European Union announced sanctions taking aim at the 351 Duma legislators who voted in favour of recognising separatist regions in Ukraine, as well as 27 other Russian officials and institutions from the defence and banking world.
The bloc also sought to limit Moscow’s access to EU capital and financial markets.
EU foreign policy chief Josep Borrell said after chairing a meeting of EU foreign ministers in Paris: “This package of sanctions … will hurt Russia and it will hurt a lot".
EU Commission president Ursula von der Leyen added: “We will make it as difficult as possible for the Kremlin to pursue its aggressive policies".
