ince the beginning of hostilities in Ukraine in February 2014, Vladimir Putin has assured the Russian people that any resulting economic hardship would be short and mild. Even after energy prices slumped, sanctions were imposed, and the economy weakened, Putin optimistically pointed to “signs of recovery,” to “declining dependence on oil,” and insisted that sanctions were not a burden but an opportunity. Russia’s premier, Dmitry Medvedev, assured the people that the government would “fulfill its social obligations [pensions and health care] in full.” Putin praised the Kremlin’s economic Houdinis for showing the West that its “economic sanctions are having no effect.”
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