Since 2014, and especially since 2022, Russia’s economy has been subjected to severe international sanctions.

Yet assessments of their impact vary greatly. Russian President Vladimir Putin and his cronies boast that the sanctions make Russia stronger, but they incessantly call for all restrictions to be lifted. At the same time, many claim that the sanctions have had little impact, while others argue that this is because the sanctions are too timid.

My own view is that the current sanctions regime shaves off 2%-3% of gross domestic product each year, condemning Russia to near stagnation. Moreover, the situation will get only worse for Putin, perhaps even impeding his campaign of aggression against Ukraine.