The Kremlin’s basic economic strategy is to trade efficiency and growth for political control and a tight rein on Russia’s strategic sectors. Russia’s economy has faced substantial difficulties since 2013, although it is once again performing reasonably well and there is no basis for believing that sanctions will force a change in Moscow’s foreign policy. Confronted with sanctions, low oil prices and reputational risks as a result of its foreign-policy actions, the Russian government responded to the economic crisis of 2014 without pursuing major economic reforms. The Kremlin eschewed potentially disruptive economic policies beneficial for growth but detrimental to the regime’s primary bases of support in favour of cutting budget deficits, reducing public spending and maintaining – and even expanding – political control over the economy. More widely, Russian President Vladimir Putin’s approach since coming to power has been similar, heavily prioritising macroeconomic stability in managing the economy.