The Western sanctions imposed against Russia in response to its full-blown invasion of Ukraine were not just designed to put a cost on Moscow’s actions, but also to stem the flow of materials and money enabling it to wage war. Why did this hope fall short, and how is Putin’s wartime economy faring as we approach 2024 and the second anniversary of the invasion? What do we know of the current state of the Russian economy, and what indicators can we use to plot its trajectory?