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This is CBS High on the World. I'm John Bachelors.

The Russian economy under severe sanctions since the invasion of Ukraine,

the war in its second year, the Russian economy, a large question mark,

however, the headline from Petersburg, associated press, Putin touts Russian economy

as Western investors steer clear of St. Petersburg event.

This is the St. Petersburg International Economic Forum.

It is held every year attracting around the world investment, opportunities in Russia

until February of 2022 to help me interpret this disappointment

and what we can make of the Russian economy.

I welcome Michael Bernstom of the Hoover Institution who's been my guide on the Russian economy.

Michael, a very good evening to you.

Apparently Mr. Putin went through with his speech saying things are fine.

Things are not fine.

...