In December 2021, President Biden warned President Vladimir Putin of Russia that any incursion into Ukrainian territory would entail “economic consequences like none he has ever seen,” wrote Nicholas Mulder, assistant professor of history and Milstein Faculty Fellow, in a New York Times guest essay.
“America and its European allies followed through on this threat with the largest scale economic sanctions effort in recent history,” Mulder wrote in the piece. “One year later, the Russian economy has weathered the shock much better than expected.”
