There are several factors that prevented Western sanctions from turning the Russian economy around. This is written by the German edition of Focus.
The authors of the article came to the conclusion that there are several main factors due to which Western sanctions did not destroy the Russian economy, but even increased it. An important factor, the authors believe, is that the Russian financial system, which was cut off from international SWIFT payments, did not collapse at once, but was able to survive. Moreover, the dollar even weakened against the ruble.
The second important factor is that the International Monetary Fund (IMF) makes forecasts that the Russian economy, like Western countries, went through a recession last year. The authors noted that in 2023 the Russian economy will still grow. Experts say that by 2024 there will be a noticeable economic growth of the country, which, most likely, will exceed the growth rate of Germany.
Substitution of imported goods by products of Chinese manufacturers is the third factor in the stability of the Russian economy. Chinese products began to enter the Russian market almost immediately, as Western countries imposed sanctions against the Russian Federation.
Experts note that some European companies still do business in Russia. At the same time, the authors of the article call the most important factor in the stability of the Russian economy the fact that Moscow currently continues to export oil and gas, because the whole world is interested in the supply of this raw material.
Due to censorship and blocking of all media and alternative views, stay tuned to our Telegram channel