#Sanctions

The Russian economy has endured four years of sanctions since launching its full-scale war in Ukraine, but this endurance is not a sign of strength. One of its two key lifelines, the National Wealth Fund, is now showing serious signs of depletion, in part thanks to the sanctions.

The European Union’s plan to ban refined products made from Russian oil comes at the same time the war between Israel and Iran threatens to send global crude prices soaring—and nowhere do these two storylines intersect more dangerously than in Moscow’s budget.

Russia has imported nearly €1 billion ($1.2 billion) in Airbus and Boeing aircraft spare parts, exposing gaps in sweeping Western sanctions aimed at grounding Moscow’s aviation sector.