But as the war in Ukraine approaches its 100th day, that machine is still very much operational. Russia is being propelled by a flood of cash that could average $ 800 million a day this year — and that's just what the commodity superpower is raking in from oil and gas.

Even with some countries halting or phasing out energy purchases, Russia's oil-and-gas revenue will be about $ 285 billion this year, according to estimates from Bloomberg Economics based on Economy Ministry projections. That would exceed the 2021 figure by more than one-fifth. Throw in other commodities, and it more than makes up for the $ 300 billion in foreign reserves frozen as part of the sanctions.
EU leaders know that they should stop buying from Russia and indirectly funding a devastating war on Europe’s doorstep. But for all that ambition, national governments also know there will be repercussions for their own economies.

The US has already banned Russian oil, but Europe is only slowly weaning itself off this dependency. That’s giving Moscow time to find other markets — such as commodity guzzling behemoths China and India — to limit any to damage to export revenue, and its financial war chest.