Maximilian Hess
Since Vladimir Putin launched his full-scale invasion of Ukraine and invited the largest international sanctions regime against Russia since the Second World War, Central Asia and the Caucasus have been forced into an uncomfortable position at the front of the accompanying economic war.
The region finds itself in a position that its constituent states did not choose, and its countries have engaged in complex and differentiated balancing strategies. Notably, not one has brought the sanctions into its legislation and regulation, though most have quietly pushed for compliance to avoid the significant risks that come with falling afoul of those issued by the West and the United States in particular. The sanctions have undeniably had some costs for the region—particularly for businesses deeply integrated into Russia, or whose leadership is. However, forcing the Kremlin into an economically defensive position has also inadvertently opened up new opportunities for the region, some of which offer potential long-term benefits while others carry significant risks.
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