Today marks the anniversary of Vladimir Putin's invasion of Ukraine. Over the past year, Western nations have slapped Russia with a wide range of sanctions, including oil and gold embargoes, export bans on critical technologies, and oligarch asset freezes. But is the barrage of tough penalties actually having the desired effect?

Read on to find out whether the penalties are hitting the Russian war machine where it hurts, or failing as miserably as Putin – and even some Western commentators – have insisted. All dollar amounts in US dollars, unless otherwise stated.