Five months into the Russian invasion of Ukraine, there remains a startling lack of understanding by many western policymakers and commentators of the economic dimensions of Putin’s invasion, and what it has meant for Russia’s economic positioning both domestically and globally. A common narrative has emerged that this is a “war of economic attrition which is taking its toll on the west,” given the supposed “resilience” and even “prosperity” of the Russian economy. These widely cited narratives are wrong. Far from being “ineffective” or “disappointing,” international sanctions and voluntary business retreats have exerted a crippling effect over Russia’s economy. ......