U.S. and allied economic sanctions on Russia are having a real impact. The Russian government has been trying to shield its citizens from the impact by imposing strict capital controls and promoting import substitution policies. Continued energy revenues are also mitigating some of the effects as well.
However, as the ill-advised war in Ukraine drags on, Russia's economy will begin to look similar to the one in the early 1990s. This is already apparent in certain sectors, where the lack of western products and parts is causing local companies to use Russian-made goods. The clock is turning back to the time described in the upcoming book, "Wind of Change", which tells the insightful and satirical story of an American trying to help bring former Cold War foes together.