The Swiss Connection: How Russia Is Weathering Tough Sanctions

A couple of weeks ago, Putin went on record calling the war in Ukraine a "tragedy" and claiming that economic sanctions imposed on his country had "failed."  Turns out he wasn't exactly bluffing. Three months into the most severe and coordinated sanctions by Western governments, Russia's economy is proving to be a hard nut to crack. Continued oil and gas exports as well as a propped-up ruble, have allowed Moscow to weather the West's sanctions much better than expected.  In a note to clients dated last week and made public on Monday,…