How long can the party last? Mr Putin’s attempts to blunt interest-rate rises will lead inflation to rise higher, and last longer, than it would have otherwise. At some point, people may get angry about the rising cost of living. He also cannot run budget deficits for ever. At current rates, Russia’s financial reserves will be exhausted in five years or so; meanwhile, the government faces high borrowing costs. But for now, Mr Putin has a war to win. And so the party goes on.