The economic sanctions imposed by western countries on Russia have disrupted trade and frozen about half of Russia's state gold and foreign exchange reserves, putting the country in a very difficult economic position.
Analysts say supply shortages will start affecting Russian industry in the coming months.
For now, the Russian government has managed to stop the fall of its currency the ruble, something that analysts say Moscow is using as a propaganda tool for national consumption.
Well, first of all, Russia is trying to go around the sanctions in terms of the international banking sanctions and it's also trying to prop up the ruble.
Part of it, I think, is also an effort to show the domestic Russian public by Vladimir Putin that he is still in control, that he can make the ruble a desirable currency because let's remember the ruble fell quite dramatically and that he can still set the terms.
Russian banking authorities, under intense pressure since Russia invaded Ukraine, have warned from the outset of difficulties to come, a scenario of inflation and shortages that could intensify in the coming months.
In case of a negative scenario where inflation will stop slowing down and start growing, our monetary policy will aim to slow it down.
Europe's efforts to end its dependence on Russian energy imports poses a big risk for Moscow.
Only recently considered impossible, ending that dependence is now closer than ever to becoming a reality.
I think they can phase out Russian gas in a year or two.
I think that's certainly feasible for every country within the European Union.
And for a lot of countries, it's feasible to make that decision today.
Russian actions in Ukraine have caused it to be politically ostracized by other countries.
The following months will determine if Moscow also becomes economically isolated.