Mark Harrison, Emeritus Professor of Economics at Warwick University who specialised in the economic history of Russia and the Soviet bloc commented:

"The effects of sanctions take time, they are always overpredicted in the short term, and therefore often underestimated in the long term. And in the long term, every percentage point shaved off Russia's national income will weaken Russia on the battlefield, where the war will be decided.

"And since Russia's trade in dollars and euros is mostly sanctioned, it is hardly a surprise that the share of Russia's trade in rubles has increased. If anything, it is a sign that sanctions are working."