In an effort to shore up the Ruble, the Kremlin ordered all large Russian companies to convert 80% of their foreign currency reserves into Rubles.
This is astonishing. Large companies keep foreign reserves to buy foreign components for their production or business. Suddenly, even companies with previously large foreign reserves are going to be unable to sustain operations that involve any foreign elements. A lot of these forms will end up failing.
It appears to me that the sanctions have caused Moscow to deal itself another self-inflicted wound.
Armies must eat. They must have supplies. The full effect of this is going to take awhile; troops won't feel this in lack of supplies for quite some time, but it is always a good thing if you can cause financial problems for your enemy.
"Sanctions are bad" is too simplistic.
It is true that they are bad for everybody, but during times of war one should not fail to take the opportunity to induce asymmetric losses: hurt the west a moderate amount but inflict severe pain on the Kremlin.
