The Importance of Financial Sanctions in Russia

Despite all the sanctions from how, unfortunately Russia did not really face as much hell as we hope. I think what's happening at the moment is because that surplus is accumulated, somebody, some entity in Russia has an improved balance sheet. So it's a bit like a saving, and it's kind of easier to bond finance a government outlay than to tax finance it. If you didn't have this inflow, and we're going to see this this year, I think, if the finance ministry budget in Moscow has to deal with a much smaller inflow of oil and gas revenue,. they will probably make the money through loans or other methods.