Behind Moscow’s bluster, sanctions are making Russia suffer

High oil and gas revenues notwithstanding, Putin's ability to fight is being eaten away as the months go by

Fears that Russia is navigating its way around sanctions are unfounded, according to experts who say Moscow is suffering a bigger hit than institutions such as the World Bank have been predicting.

Some analysts have interpreted the strength of the rouble, the size of the warchest of cash available to Vladimir Putin and the Kremlin's ability to redirect exports destined for Europe to willing southern neighbours as a signal that the arsenal of sanctions deployed against Moscow is failing to bite.