Despite nine sets of sanctions imposed by the European Union, the Russian economy only experienced a small contraction of its GDP in 2022. The “resilience” of the Russian economy was hailed on Tuesday…
Russia is good at propaganda and publishing its economic information based on certain statistics on which there are no given rules. Each country can include or not include what it wishes and from the information, it decides where it starts to include and finish to include, so statistics are what you wish to make them.
But that being said, as the article refers, some sanctions have not been fully effective yet, but soon they could be. Lost trade with the EU has to some extent been compensated by trading with others such as Turkey, China and India who will have their own agendas for doing so, whether they continue to do so has to be seen.
Some sanctions could be effective in the short term and others in the longer terms, such as the EU reliance on oil from Russia, yes, they could have completely cut off the supplies, but this would have made their economies much weaker, so by gradually reducing their dependence on Russian oil, while obtaining supplies from other sources could make sense to those countries. However, this means Russia will still obtain oil revenues from the EU until this has been achieved and also give Russia much more time to find other areas to make up the income loss.
But, sanctions are only one tool, for the rearmament of Ukraine is another and in some areas this is not as quick as is required, for the more technical of the armaments creates more training requirements, also the availability of such armaments is dependent on the reserves each country as, so the effectiveness of their armaments resources is also a factor.
Hopefully, all will come in time to enable Ukraine to defeat Russia and in doing so lead to Russians overthrowing Putin, but then who will replace him, will it be someone of the same, worse or hopefully better.
So much is to come and we all hope that whatever and whenever it does brings freedom and peace to Europe once again and that all countries will forever more learn the lessons, which we all thought would have been after WWII, but clear that in some countries has not been.
But, it is not just Europe, but the whole world currently the Middle East being Israel and Palestine, Far East with China and what will happen in America.
Source: Why is the Russian economy holding up against Western sanctions?
One thought on “Why is the Russian economy holding up against Western sanctions?”
Russia is good at propaganda and publishing its economic information based on certain statistics on which there are no given rules.
please visit link Tel-U