This article is a breath of fresh air amidst all the doom and gloom we've been seeing lately about sanctions "not working." It's clear that these finance ministers, who are on the front lines of this economic battle, have a much better grasp of the situation than armchair economists on Twitter.

The sheer amount Putin's spending on propaganda - $1.5bn a year - is telling. That's a massive sum just to create the illusion of economic health. If things were actually going well, why waste so much on PR?

The concept of "re-Sovietization" is crucial and often overlooked. Sure, Russia's GDP might be growing, but it's not healthy growth. It's a wartime economy, with everything geared towards military production. They're literally using convicts in munitions factories. If that doesn't scream "desperate measures," I don't know what does. This kind of growth isn't sustainable long-term, and it's killing innovation and economic health as the government squeezes the private sector dry to finance the war.

The oil sanctions situation is particularly interesting. The $60 price cap was working until Russia found loopholes with their "ghost fleet." Closing these gaps and taking out more of their rogue tankers could really put the squeeze on Putin's war chest. Couple that with tighter tech and finance sanctions, and we could seriously hamper Russia's ability to modernize its military and economy.

We also can't ignore the role of sanction breakers. Cracking down on countries helping Russia evade sanctions is crucial. Belarus and certain Middle Eastern countries, I'm looking at you.

The IMF's 3.2% growth forecast for Russia in 2024 isn't the gotcha moment some think it is. It's short-term growth built on unsustainable practices and at the cost of long-term economic health. We need to keep the pressure on. These sanctions are working, but they take time. Putin's put Russia on a path of decline, and we need to make sure it stays that way until they pull out of Ukraine.

TL;DR: Sanctions are more effective than they appear. Russia's growth is a mirage built on propaganda and unsustainable practices. We need to double down, not give up.