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Sanctions Slow Burn Gives Putin More Time to Be Defiant, for Now

  • Surging revenues from oil, gas help offset initial shock
  • Signs of economic pain spreading as limits cut off key inputs
Vladimir Putin chairs a meeting on the development of the oil industry via a video link in Moscow on May 17.
Vladimir Putin chairs a meeting on the development of the oil industry via a video link in Moscow on May 17.Photographer: Mikhail Metzel/AFP/Getty Images

Nearly three months after Vladimir Putin sent his troops into Ukraine, Russia faces more sanctions than any other country. But thanks to surging prices for its exports of oil and gas, the Kremlin has been able to steady the ruble and limit the impact on consumers and the war effort.

For now.