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 penalize the Kremlin. The battlelines 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.

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 weaponized. 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.

Introduction PART Ⅰ. 2013-21 1. Bond of war 2. The west fights back 3. Russia under sanctions 4. Gaseous interdependence 5. The erdogan factor 6. Eurasian economic disunion 7. Visions of gold and africa 8. Russia's caracas cache 9. Putin's pivot to asia 10. Beijing as big brother 11. Middle eastern power plays PART Ⅱ. 2022 12. The economic war in ukraine 13. The west's economic war against russia 14. Russia adrift 15. Russia's ripostes and commodities clashes 16. Europe adrift 17. Oil and gas war goes global 18. The inflation weapon Conclusion Notes Bibliography Acknowledgements Index