Sanctions arent a magical stop when not everyone follows them, Russia still trades with China, India and some others. Europe is still buying their gas. This has avoided a worst-case scenario for them but their limited buyers know this and can get more from Russia for cheaper. Gazprom stock is down 20% over 5y. The point isnt to kill them just weaken. Sanctions are a large reason behind Russian inflation which as of March 2025 was at 10.3% yoy. Theyre why protests still happen even in Moscow despite the fear. Hell a couple years ago now their main finance minister tried to resign because of the sanctions and war effects on the long-term economic outlook in Russia.
Usually high inflation is a driver of domestic upset at those in power. Biden had a couple months around 9% despite a yoy of around 5% and he got skewered for it. Sanctions have also allowed the capture and sale of some oligarch assets to help fund Ukraines defense. Economic collapse driven by sanctions is not immediate but a long-term effect, there are months-years of signs such as inflation before it comes crashing down.
