According to the Kiel Institute for the World Economy (IfW), Russia is financially prepared for a longer war even if an EU oil embargo were imposed.

"Hopes that Russia would give in to the Ukraine war in the near future in view of the drastic Western sanctions are likely to be disappointed," said IfW trade expert Rolf Langhammer on Wednesday.

"Both the situation of the state budget and structural peculiarities of the Russian economy create good starting conditions for a longer endurance of a war economy based on self-sufficiency."

In recent years, Russia has achieved visible success in establishing a stable financial situation.

These included public debt, which is very low by international comparison at around 20 percent of gross domestic product, high savings, a cautious spending policy and strong reserve formation.

In addition, there are currently increasing revenues from energy exports to countries that are ignoring the sanctions or, like Germany, are still partially maintaining their purchases.

The current oil price is well above the price of $10 to $15 required for a balanced Russian budget, as estimated by the International Monetary Fund (IMF).

"An EU oil embargo should not change this significantly at first," said Langhammer.

Structurally, the low importance of the private service sector and the high level of sheltered employment in the public sector would also help Russia.

"These employees are the guarantor for President Putin's political support in their own country and are given preferential support, i.e. they are protected from the consequences of rising inflation through price controls or income support," he says.

The government will massively combat the emergence of black markets, as these could divide society and weaken political support.

The very negative consequences of the loss of important and irreplaceable capital goods from abroad, which will certainly occur in the longer term, are not likely to quickly drive the Russian economy to collapse.

"The West will have to show staying power for a long time," said Langhammer.