Are Western sanctions on Russia working? Their effects on the economy as a whole, and on specific sectors, are much scrutinised. By contrast, their impact on Russia’s economic elite remains little studied. Yet this could prove highly significant, for two reasons. First, many elites are heavily dependent on access to Western economic and legal systems. Second, they are well placed to protect their interests. Elites have stronger intrinsic motivation and ability to minimise sanctions’ effects than the wider population.