The cost to Russia of losing Maduro
Hello and Happy New Year! Welcome to your weekly guide to the Russian economy, written by Alexander Kolyandr and Alexandra Prokopenko and brought to you by The Bell. In our first newsletter of 2026, we look at how the US campaign against Venezuela is creating a painful headache for Russia. We also analyze the state of foreign banks in Russia — who’s up, who’s down, and the costly businesses of leaving.
Trump captures Maduro, triggering New Year hangover in Moscow
While Russia continues to slumber through its Christmas and New Year holiday, with little happening on the political or economic scene, the United States has wasted no time in dealing two blows against the Kremlin. The capture of Nicolas Maduro has removed one of Moscow’s few remaining allies in the Western hemisphere, while the seizure of a Russian-flagged vessel threatens Moscow’s oil exports.
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