It’s almost two years since Russia invaded Ukraine and the war is not ending anytime soon. The Ukrainian counter-offensive of 2023 has not brought the gains the country’s leaders and western backers hoped for. The pressure is on both the US and EU to keep providing Ukraine with the military and financial support it needs.

Meanwhile Vladimir Putin looks more confident than ever. This time last year, western powers introduced an oil price cap aimed at seriously denting the Kremlin’s capacity to earn revenue from its oil exports. It worked for a few months but Russia has found ways around it.

Meanwhile, its economy continues to function reasonably well, despite the range of sanctions levelled at it. In this episode of Business Beyond, we ask if there are economic scenarios that could force Russia to the negotiating table. Or if the Kremlin simply has enough financial firepower to keep going – however long it takes.

Chapters:

• 00:00 Introduction
• 01:55 Sanctions explained: the price cap
• 05:46 Russia finds a workaround
• 09:08 With a little help from his friends
• 11:38 Russian economy: reality v wishful thinking
• 14:55 What the West can do
• 19:55 Conclusion: Why Russia is winning