Putin's gold strategy, implemented in early 2022 by tying the value of the ruble to gold, has successfully countered sanctions, aided by Russia's status as the world's second-largest producer of gold.

Russia is the target of more than 16,000 sanctions. Nonetheless, the Russian economy and military apparatus expanded by 3.6% in 2023 and is expected to do so again by 2.6% in 2024.Russia spends around six percent of its GDP on military expenditures. Vladimir Putin appears to be confident ...