Two years after its full-scale invasion of Ukraine, Russia is still facing an unprecedented number of economic sanctions. It has been excluded from major global financial services, and around €260 billion (£222 billion) of its central bank assets have been frozen. Russian airspace is closed to most western planes, and western ports are closed to Russian vessels.
A formal cap has been imposed on buying or processing Russian oil sold for more than US$60 per barrel (world prices currently fluctuate between $80 and $100. And in theory, it is illegal to sell Russia anything that could be used by the military. Sanctions have had some effects. According to the IMF, Russia’s GDP is around 7% lower than the pre-war forecast. Despite all of this, Russia’s economy has not collapsed. But it does look very different, and is now entirely focused on a long war in Ukraine – which is actually driving economic growth. In fact, the IMF expects Russia to experience GDP growth of 2.6% this year. That’s significantly more than the UK (0.6%) and the EU (0.9%
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Source: FinancialReview - 🏆 2. / 90 Read more »