Sergei Guriev, Dean of the London Business School and an economic advisor to Russian opposition figures, discusses the real state of the Russian economy amid the Ukraine war. He debates the effectiveness of Western sanctions against Russia and distinguishes between Putin's propaganda and economic reality. The conversation delves into how military spending distorts GDP, the impact of inflation, and public perception in wartime. Guriev also highlights the challenges of enforcing sanctions on the oil industry and the complex dynamics between dictatorships and economic stability.