Is Obama destroying the Russian economy?

Privately, however, Obama officials and allies take clear satisfaction from Putin’s plight and are more willing to claim credit.

“We’re seeing a toxic cocktail for Putin and Putinism,” said a senior administration official. “The sanctions highlight the economic and geopolitical cost of the foreign policy choices that Putin has made. It has made clear that he is an unpredictable actor on the international stage, and markets react to that as much as governments do.”

While conceding the role of global oil prices and general “economic mismanagement” by Putin, the official said that sanctions have fueled a credit crunch as key Russian lenders find themselves cut off from foreign financing at a moment of stress for major Russian businesses.

“It took a little time … but if you look at the economic indicators in Russia now, it’s clear Putin miscalculated,” said a Senate Democratic aide.

Even as Putin’s economy reels, however, there is no sign that he is ready to cry uncle in eastern Ukraine, where Obama officials say Russia has conducted a low-intensity conflict for several months.