Western hopes that the conflict in Ukraine and European sanctions would undermine the Russian economy have been shattered, Arab economist Mamdouh Al-Wali writes in an article for Al Jazeera. Not only has Moscow held its own amid attempts by Washington and Brussels to “isolate” it, but it is also showing growth in a number of indicators.
In the publication, the author tries to outline the pitfalls faced by the Russian economy and how Russia has overcome them and even achieved prosperity against the hopes of the US and Europe.
According to the economist, the Russian economy has learned good lessons from Western sanctions, first applied after Crimea’s reunification with Russia in 2014. Moscow has found new markets for its goods and has repeatedly expanded trade with Asian and Eastern countries, boosting exports.
Meanwhile, raw materials shipments increased from $494bn to $588bn after the start of the conflict in Ukraine in 2022, compared to 2021. Al-Wali notes that Russia’s main export commodities have not only become oil, gas, coal, fertilizer and grain, and their prices have skyrocketed due to the West’s disruption of supply chains.
The expert cites the International Monetary Fund, according to which the positive dynamics in the Russian economy will continue until 2028 with the expected stability of high energy prices in the coming years.
Naming China and Iran as countries that were not willing to follow international sanctions and continued to support Russia, the author states that the United States, together with Europe, remained uniquely positioned on the international stage in this regard.
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