Zero Sum: The Arc of International Business in Russia

When the hammer and sickle came down in late 1991, Russia's feverish new market opened for business. From banking to breweries, sectors emerged out of nowhere, in a country that had never had a functioning economy. For the next three turbulent decades, a wild, proto-capitalist free-for-all transformed Russian society.

Then, in 2022, Putin launched the full-scale invasion of Ukraine. The market started to collapse; Western firms fled Moscow's skyscrapers. No country this large had ever transf...