How is Russia’s economy performing under Western sanctions?
The Kremlin says the economy is weathering the storm, but analysts warn of a steep future decline.
Western nations imposed some of their strongest ever sanctions on Russia as punishment for invading Ukraine.
They include freezing the central bank’s foreign reserves, banning oil and gas imports and suspending Russia’s banks from global financial systems.
The measures were designed to damage its economy, but the Russian rouble currency is trading at a two-year high against the US dollar.
Researchers in Finland found revenues from energy sales to the EU have nearly doubled since February, when the war began.
The American investment bank JP Morgan says Russia’s economy is performing better than expected.
Still, the IMFexpects the economy to shrink by 8.5 percent this year.
So. what is the real picture?
Presenter: Hashem Ahelbarra
Guests:
Vyacheslav Mishchenko – Energy markets expert
Chris Weafer – Chief executive officer, Macro-Advisory, a strategic consultancy focused on Russia and Eurasia
Eric Chaney – Economic adviser to Institute Montaigne think-tank