EU officials say sanctions against Russia have had 'hard tangible effects,' and that the country's future is bleak

• Sanctions on Russia have had a withering effect on Moscow's economy, the European Union said.
• That's one of the main reasons why Russia's economic future looks "bleak," according to one official.
• Despite Putin's show of defiance, scholars say Russia is in a far worse state than the Kremlin has let on.

Russia's economic future is looking grim amid signs that sanctions against the nation have had a lasting impact on its ability to function, according one European Union official.