Has Putin underestimated the West?

Over the weekend, the West unveiled further measures to punish Russia for invading Ukraine. The European Union said it would put limits on the Russian central bank's ability to access its reserve of foreign currency, Finland blocked Russia from its airspace, and Germany pledged that it would increase its defence spending to 2 per cent. Has Putin underestimated western resolve? 

Katy Balls speaks to Fraser Nelson, James Forsyth and Isabel Hardman.