As Putin eyes sure reelection, Russia's economy defies sanctions, critics
Russia's economy withstands Western sanctions through various strategic measures.
- Bilawal Riaz
- 1 min read
Russia’s economy has performed far better than expected despite facing Western sanctions following the invasion of Ukraine. While some impact is felt by individuals, overall resilience is attributed to high oil prices, increased military spending, and the country’s massive energy sector. Efforts like import substitution and selling fossil fuels have helped mitigate the sanctions. Russia has found ways to counter sanctions, such as building a “shadow fleet” and finding non-Western buyers. Analysts note that while sanctions have had some effect, they have not completely crippled Russia’s economy. Despite challenges like a labour shortage and emigration, economic growth is expected to slow but not pose a significant threat to Putin’s government.