Heard the one about Vladimir Putin, the oil price and the ruble’s value against the dollar? They will all hit 63 next year.

That’s the joke doing the rounds of the Kremlin as the Russian government digs in to weather international sanctions over the conflict in Ukraine. According to at least five people close to Putin, pressure from the U.S. and Europe is galvanizing Russians to withstand a siege on their economy.

The black humor is part of an image of defiance not seen since the Cold War. As the economy enters its first recession in more than five years, the ruble depreciates to records and money exits the country, Putin’s supporters are closing ranks and say he’s sure to run for another six-year term in 2018.

“We are becoming poorer, our savings vanish, prices grow, however we see an opposite effect to the one that is wanted by people who wish to see Putin knocked down,” said Olga Kryshatanovskaya, a sociologist studying the elite at the Russian Academy of Sciences. The jokes just underline their determination to stand till the end, she said.

Putin celebrates his 63rd birthday on Oct. 7. The price of Brent crude sank to a five-year low of $67.53 a barrel this week. The ruble has dropped to near 54 to the dollar from as strong as 34 less than six months ago, meaning it needs to lose another 14 percent to complete the joke.

David Fuller's view

Who are they kidding?  This black humour is certainly not flattering for Putin.

Don’t follow Russia’s propaganda polls, all too frequent these days – follow the money, which is fleeing Russia.

This article says it all with graphics: 6 Charts That Illustrate World of Pain for Vladimir Putin.