Loyalist economist who ‘thinks years ahead’ inherits Kremlin’s biggest challenge as it prepares for the long haul in Ukraine

In 2014, Russia’s bloc of economic strategists was panicked by Vladimir Putin’s decision to annex Crimea and foment a war in east Ukraine, a move that led to western condemnation and sanctions against Russia that were seen as potentially ruinous.

But his adviser Andrei Belousov was a rare economist who publicly stood by his side, calling the damage manageable and western sanctions “insignificant” in terms of the Russian economy.