What are the chances of Russia's economy collapsing?
Putin painted Russia as a hegemonic power reasserting its rightful claim to imperial greatness in order to justify its invasion of Ukraine. Even before the invasion, Russia's economic capabilities were unlikely to sustain an empire.
The lack of foreign sanctions coupled with a plummeting ruble has further undermined Russia's economic standing. If measured at today's exchange rates, Russia's economy would be the 22nd-largest in the world with a gross domestic product (GDP) not much greater than Canada's.
By 1957, when the USSR surpassed the US, Russia was no longer regarded as a world power. According to data compiled by the late economic historian Angus Maddison, it was the fifth largest economy in the world by 1913.
Vladimir Putin became president in 1998 following the disintegration of the Soviet Union and a severe financial crisis where Russia defaulted on its debt and abandoned its fixed exchange rate.
As of that point, Russia's GDP was worth US$210 billion, putting it on par with Austria in terms of market value. (The current GDP figures were sourced from the October 2021 World Economic Outlook of the International Monetary Fund.)
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