On this Bloomberg Originals mini-documentary, we explain why the US-led sanctions strategy hasn’t managed to work.

Since Russia’s full-scale invasion of Ukraine three years ago and the subsequent imposition of tough economic sanctions, the Russian economy has unquestionably been under pressure. Problems have been accumulating and Russia does appear to be experiencing gradual economic decline – but not at all to the extent that has been claimed.

The Trump administration is pushing Russia to agree to a Ukraine ceasefire and peace talks. Here is what Moscow has said it wants.

While many of his supporters continue to put their faith in the president, Trump’s political capital could be tested if the economy suffers in the coming months.