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Trade, sanctions and Russia's economy
Then there's the lever of sanctions. Certainly, Russia's economy is suffering. Inflation at 8%, interest rates 16%, growth slowed, budget deficits soaring, real incomes plunging, consumer taxes rising.
A report for the Peace and Conflict Resolution Evidence Platform says Russia's war economy is running out of time. "The Russian economy is substantially less able to finance the war than it was at the beginning of it in 2022," the authors say.
But so far none of this appears to have changed much Kremlin thinking, not least because businesses have found ways of evading restrictions, such as transporting oil on unregistered ghost ships.
Tom Keatinge, director of the Centre for Finance and Security at Rusi, said western messaging about sanctions was convoluted and there were too many loopholes.
Russia would, he said, work around recent US sanctions on two Russian oil giants, Lukoil and Rosneft, just by re-labelling the exported oil as coming from non-sanctioned companies.
Mr Keatinge said if the West really wanted to hurt Russia's war economy, it would embargo all Russian oil and fully implement secondary sanctions on countries that still buy it. "We need to stop being cute and go full embargo," he said.
"We need to take our implementation of sanctions as seriously as the Kremlin takes circumvention."
In theory, sanctions could also affect Russian public opinion. In October, a survey by the state-run Public Opinion Research Centre (VCIOM) said 56% of respondents said they felt "very tired" of the conflict, up from 47% last year.
But the consensus among Kremlinologists is that much of the Russian public remains supportive of Putin's strategy.
The European Union could agree to use about €200bn (£176bn) of frozen Russian assets to generate a so-called "reparation loan" for Ukraine. The latest European Commission proposal is to raise €90bn (£79bn) over two years.
In Kyiv, officials are already banking on getting the cash. But still the EU hesitates.
Belgium, where the bulk of the Russian assets are held, has long feared being sued by Russia - and on Friday, the Russian Central Bank announced legal action against Belgian bank Euroclear in a Moscow court.
Belgium says it will not agree the loan unless legal and financial risks are shared more explicitly with other EU members. France has concerns, such is its own vast debts, and fears exploiting the frozen assets could undermine the stability of the eurozone.
EU leaders will make a further attempt to agree a deal when they meet in Brussels on 18 December for their final summit before Christmas. But diplomats say there is no guarantee of success.
There is also disagreement over what the cash should be used for: keeping Ukraine's state solvent now or paying for its reconstruction after the war.
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