What’s the state of Russia’s economy?

It’s been four years since Moscow launched its invasion of Ukraine and the G7 responded with an unprecedented level of coordinated economic statecraft measures. Where is Russia’s economy now?

Josh Lipsky and Jessie Yin are joined in this episode by director Kim Donovan and associate director Maia Nikoladze of the Atlantic Council’s Economic Statecraft Initiative to tackle the energy dimension of Russia’s wartime economy. From sanctions to shadow fleets, we discuss evasion tactics and how Russia could benefit from an extended conflict in the Middle East that boosts oil prices.

Note: This episode was recorded on March 3, 2026.

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Guide to the Global Economy is your go-to podcast for navigating the increasingly busy intersection of global economics, finance, national security, and geopolitics. Through interviews with leading experts and behind-the-scenes insights from the Atlantic Council’s GeoEconomics Center, we break down the storylines that matter most for the global economy—from major news everyone’s talking about to developments few have noticed. These days, if you don’t get economics, you don’t get Washington. From tariffs to crypto to sanctions and beyond, our team is here to guide you. Watch and listen wherever you get your podcasts.

Guide to the Global Economy Podcast

These days, if you don’t get economics, you don’t get Washington. From tariffs to crypto to sanctions and beyond, our team is here to guide you. Watch and listen wherever you get your podcasts.

Dispatches Mar 5, 2026

Enforce sanctions to prevent Russia from benefitting in a prolonged Iran crisis

By Kimberly Donovan

Russia has millions of barrels of sanctioned oil it is ready to sell—unless the United States and its allies step up sanctions enforcement.

Conflict Energy & Environment

New Atlanticist May 22, 2025

Gold’s geopolitical comeback: How physical and digital gold can be used to evade US sanctions

By Kimberly Donovan, Maia Nikoladze

The rise of gold-backed currencies that circumvent the US banking system could create a massive blind spot for US sanctions enforcement efforts.

Economy & Business Financial Crimes & Illicit Trade

Econographics Apr 17, 2025

Russia Sanctions Database

By Kimberly Donovan, Maia Nikoladze, Lize de Kruijf

The Atlantic Council’s Russia Sanctions Database tracks the level of coordination among Western allies in sanctioning Russian entities, individuals, vessels, and aircraft, and shows where gaps still remain.

Eastern Europe Economy & Business

At the intersection of economics, finance, and foreign policy, the GeoEconomics Center is a translation hub with the goal of helping shape a better global economic future.

Learn more

Related Experts: Josh Lipsky, Kimberly Donovan, Maia Nikoladze, and Jessie Yin

Image: A man looks at the exchange rate at the exchange office in the center of St. Petersburg. February 28, 2022 (Photo by Valya Egorshin/NurPhoto)NO USE FRANCE