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What is Actually Happening to the Russian Economy?
When sanctions were issued against Russia, as a result of their unprovoked invasion of Ukraine, many analysts predicted that they would entirely (or, at least, largely) alter Russia’s economy.
Some even went so far as to say that the unparalleled EU sanctions would decimate the economy. In retrospect, that might have been pushing it too far.
But how is Russia’s economy really doing? Amidst all the noise, we can make out a few clear features that will make Russia’s task of restoring the economy difficult in the months and years to come.
It’s only just begun.
Since the early stages of the large-scale invasion of Ukraine, reporters and analysts alike described the sanctions packages, which are now waiting for the approval of its 8th wave, as “unprecedented.”
Each sanctions package was meant to adjust and expand on previous EU commitments toward Ukraine.
In the seventh adoption these changes were made:
- A new prohibition to purchase, import, or transfer, directly or indirectly, gold, if it originates in Russia and it has been exported from Russia into the EU or to any third country.
- An extended list of controlled items, which may contribute to Russia’s military and technological…
