Are sanctions making Russia richer?
Before the invasion of Ukraine, it was by no means certain that there would be a united response from the West. The sanctions imposed on Russia after Vladimir Putin’s annexation of Crimea in 2014 were fairly limited, especially from the European Union. Germany pressed on with the Nord Stream 2 gas pipeline to Russia. But now, America, Europe and much of Asia have been united in applying severe sanctions against Russian banks, companies and oligarchs. Three months on, it’s time to ask: are the sanctions working? The answer from the Bank of Russia’s balance of payment data for January to April isn’t reassuring. It showed that the sanctions are emphatically