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The stick is often the beginning of the end.
Giovanni Arrighi has shown that the terminal phases of hegemony are characterized by increasing financialization and greater use of coercion to maintain a relatively declining order. The extensive use of sanctions against Russia fits precisely into this dynamic.
Far from being a simple deterrent, the 2022 sanctions were aimed at bringing about a rapid systemic collapse of the Russian economy. This strategy is based on a classic hegemonic assumption: the idea that access to capital, foreign exchange, and global financial infrastructure is essential to any modern economy.
However, Russia’ s relative resilience— despite the real economic cost— calls this assumption into question.
Flashmag! Edition 168 Janvier 2026
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