Will the Western Sanctions Be a Blessing in Disguise for Vladimir Putin’s Russia?

After an initial collapse, this could accelerate the necessary diversification of the Russian economy. But this will take years at best.

Despite Hungary's reluctance, the European Union has just agreed to an embargo on Russian oil. The measure will allow Hungary, Slovakia, and the Czech Republic to continue to be supplied. The Europeans will do without a total of 90% of the oil they buy from Russia by the end of the year.

This is not the total embargo initially hoped for, but the European…