With many former Russia-based foreign correspondents and analysts now based abroad, what are the challenges in continuing to understand Russia?

Why is the Kremlin holding back on a major economic rescue package for its hard-hit economy? So far, the Putin regime has relied primarily on a decidedly modest set of targeted economic measures that fall far short of the tools utilized by the world’s major economies.

Transitional institutions cannot be effective unless economic agents are confident that the state will fulfill its commitments and that the rules of the game do not depend on the discretion of a ruler. Empirical evidence shows that democracy protects investors from expropriation better than dictatorships do, thereby resulting in faster economic growth.

The real cost of Russia’s current isolation will be felt in the long term: the country will miss opportunities for growth and will continue to stagnate.