On February 24, 2022, Moscow launched its offensive in Ukraine. Since then, the West has responded with a battery of sanctions.

But Russian power has managed to partially circumvent them, says Arthur Ponchelet. The objective is twofold: to limit Russia's capacity to finance its war effort and force Vladimir Putin to the negotiating table. Despite Western sanctions, Moscow succeeded in two years in organizing a real war economy, Ponchelett says. But when Russia does not use external sanctions to circumvent external sanctions, it can rely on state-subsidized businesses.