Putin’s war tax crushes Russian investors

Call him Vlad the Venturer. Russian bonds have fallen in value since Vladimir Putin’s brutal invasion of Ukraine, and Russian stocks remain out of trade for fear they will represent a major loss of wealth. A sharp drop in the country’s GDP is almost certain this year, and it all adds up to the massive forfeiture war tax Putin is imposing on the Russian people. This raises questions about how long he can sustain his costly and destructive assault on Ukraine.

As for the United States, while helping Ukraine and being careful to avoid being drawn into the war, policymakers should also prepare for the day that could help Russia navigate post-Putin peace.