A week ago, a country's exposure to Russian fuel exports explained its main vulnerability to the fallout from the Ukraine war. Now that central bank sanctions are likely to collapse Russia's economy, impair its ability to conduct trade, and invest capital overseas, a broader survey of all economic links with Russia is needed to understand a country's vulnerability.
Below, we chart the developed and emerging countries with the deepest trade, investment, remittance, and tourism links with Russia, proportionate to the size of their own economies.
Unsurprisingly the most economically exposed countries on most counts are those nearest to and dwarfed by Russia, eg Georgia and the central Asian republics. But there are others further afield with more specific, meaningful economic links:
Austria, the Republic of Congo and Angola have high exposure to Russian FDI.
The offshore financial centres of Cyprus and the Bahamas have high exposure to Russian capital.
Finland and Turkey have material economic exposure to Russian tourist arrivals.
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