When Russia invaded Ukraine, it expected a quick victory. But almost a year later, Moscow continues to spend huge sums to send more soldiers and equipment to the front lines. Meanwhile, international sanctions are also targeting its primary source of revenue: oil and gas exports. And yet, even as these costs of war climb and jeopardise Russia’s long-term economic growth, there are few signs Vladimir Putin will back down, no matter the long-term consequences.

In this episode: 

• Sergey Aleksashenko (@Saleksashenko), former deputy minister of finance and first deputy chairman of the central bank of Russia
• Polina Ivanova (@polinaivanovva), Financial Times correspondent covering Russia

Episode credits:

This episode was produced by Miranda Lin with Chloe K. Li and our host, Malika Bilal. Chloe K. Li, Ashish Malhotra, and Negin Owliaei fact-checked this episode.

Our production team includes Chloe K. Li, Miranda Lin, Ashish Malhotra, Negin Owliaei, and Amy Walters. 

Our sound designer is Alex Roldan. This episode was mixed by Tim St. Clair. Aya Elmileik and Adam Abou-Gad are our engagement producers. Alexandra Locke is The Take’s executive producer, and Ney Alvarez is Al Jazeera's head of audio.

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