Enmetena Advisory
Economic War Book background

Ukraine & The Global Conflict between Russia and the West

Economic War

Awarded the US-Russia Studies Book Prize 2024

Purchase Economic War

About Economic War:
Ukraine and The Global Conflict Between Russia and the West

Vladimir Putin’s first invasion of Ukraine, in 2014, set off a global economic clash, as the West used its clout with international markets to deter and penalise the Kremlin. The battle lines of this ‘war by other means’ traversed a series of deep economic connections, built up during Russia’s oil, gas and commodities boom: global equity and capital markets, and transnational kleptocracy.
Economic War book cover
Maximilian Hess’s startling book lifts the lid on Russia’s response to Western sanctions, and the ensuing skirmishes in London’s courts, on Swiss trading desks and in boardrooms in New Delhi. He explores how pipelines, mines, loans and crypto-markets were weaponised. This narrative sets the stage for Putin’s all-out assault on Kyiv in February 2022, which turned financial, food and fuel markets into bona fide battlefields, bringing the fight into everyone’s home, from Pennsylvania to Pakistan.
Rather than a ‘new Cold War’, we are witnessing a conflict over finance, energy and capital markets. How such economic warfare turns out will determine the future of liberalism and democracy; it will also set a precedent for economic relations between the West and China, as the two diverge into rival spheres of influence and power.
Purchase Economic War
Economic War book cover

Praise & Reviews

From Critics for Economic War

Much has been said about Putin’s background in the KGB, but Hess makes a convincing case that his days in the St. Petersburg government, when he served as a liaison between the city, foreign business and, occasionally, criminal underworld, were just as formative.
The Washington Post
An outstanding account, filled with insights and details. If you want to understand why we are already in an age of Global Conflict, there is no better place to start.
A critical book for understanding Russia’s war against Ukraine and the West’s response. Tracing Russia’s tactics of economic warfare across the world, from Beijing to Istanbul, from Caracas to London’s bond markets, this is the most detailed and far-reaching analysis of the economic war with Russia yet.
Economic War shows how trade, finance, and information are the new battlegrounds in a world where traditional warfare is becoming obsolete. A unique perspective on the largest crisis in Europe since the Cold War, this is a must-read for anyone seeking a better understanding of the conflict, and its implications for global politics.
Michelle Caruso-Cabrera
Former Chief International Correspondent, CNBC
From sanctions to bonds of war, Economic War is an essential guide to how a decade of conflict between Russia and Ukraine has redrawn the global economic order.
Watch Maximilian talk about his first book and several related topics on CNBC.