The prevailing attitude among members of the ruling class appears to be that there is enough oil and gas to keep the state coffers full, buy voters’ loyalty, and control civil society and the media for as long as the country’s current leaders are in power. What comes after that does not concern them—to quote Madam de Pompadour: “After us, the deluge.”

The Russian budget won’t be saved by the new round of privatizations announced by the Russian government. What’s more important is how they set out the rules of behavior in the Russian elite.

The Russian elite and public are propagating certain myths that Western sanctions are not hurting or are even helping Russia's economy. The reality is much bleaker: sanctions are here to stay for a long time and there can be no healthy economic development while they are in place.