Was listening to a podcast recently, but there's no transcript and it's paywalled so I'll just summarize the points that I found interesting.
We all know how poorly the military side of the Russian invasion has gone. Almost as a mirror, the economic war against Russia is likewise going quite poorly.
The sanctions seem to be hurting the EU far more than it's hindering Russia. Third party countries are happily buying up sanctioned Russian products and reselling them to the EU for a premium, which means Russia is still exporting while the EU is paying more for the same product.
A lot of the bans basically seem to be pretextual, with goods simply stopping in a neutral third party before making it to their final destination, magically laundered of their contraband status. That applies for exports from Russia and imports into Russia.
https://www.aljazeera.com/opinions/2023/6/5/sanctions-on-russia-may-not-be-working-we-now-know-why
There's a real question how much more the EU will tolerate. Increased costs of energy are hurting the EU economy, especially manufacturing heavy Germany. It's unclear whether their willingness to support Ukraine will survive another expensive winter. Much of Germany's famous wealth was built on cheap energy from Russia.
https://unherd.com/thepost/german-public-support-for-ukraine-is-falling/
Russia's position may improve simply by keeping the war going and waiting for Ukraine's backers to lose their resolve.