At the beginning of the war in Ukraine, Western leaders put a lot of faith in applying economic pressure to Russia, and it is now probably the most sanctioned country in the world.But despite the unprecedented sanctions tsunami, the Russian economy is yet to collapse. How long can the Kremlin maintain its ever-growing military spending and the overall economic imbalances? Will Putin be able to simultaneously finance his costly war, keep the population happy, and maintain macroeconomic stability?

For additional insight into this issue, read Alexandra Prokopenko's piece for Foreign Affairs on Putin’s trilemma: https://www.foreignaffairs.com/ukraine/putin-not-yet-desperate