The Russian economy has managed to hold up against the massive sanctions imposed by Western countries and their allies over Moscow’s military operation in Ukraine, White House National Security Council spokesman John Kirby admitted on Friday.
As the conflict enters its second year, Washington revealed more anti-Russia penalties, targeting dozens of companies and individuals linked to the country, and raising tariffs on Russian goods whose imports were still allowed. Meanwhile, the EU approved its tenth package of sanctions against Russia, which includes export limitations on dual-use items and technology, measures against so-called Russian disinformation, and new restrictions against individuals and entities for their alleged support of the Russian military. Western allies Britain, Switzerland, Australia, Japan and New Zealand joined the measures.
Russia’s economy is “showing some resilience,” according to Kirby, who added, however, that it’s not clear whether this “can be sustained for the long haul.”
“He has had to take some drastic measures to prop up his economy, to prop up his currency, including playing pretty aggressively with interest rates, for instance,” Kirby said, commenting on steps approved by Russian President Vladimir Putin.
Russian statistics service Rosstat reported that GDP of the sanctions-hit nation contracted by just 2.1% in 2022, much less than the 10-15% some had predicted after sanctions hit last March. The Russian economy is actually forecast to increase by 0.3% during the current year, according to the International Monetary Fund (IMF).
Jonas E. Alexis has degrees in mathematics and philosophy. He studied education at the graduate level. His main interests include U.S. foreign policy, the history of the Israel/Palestine conflict, and the history of ideas. He is the author of the new book Zionism vs. the West: How Talmudic Ideology is Undermining Western Culture. He teaches mathematics in South Korea.
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