The Russian ruble. Archive photo
The Russian economy stood under unprecedented pressure from the West for three reasons, writes the Economist.
The first factor is competent actions of the Central Bank, which was immediately adopted measures to prevent economic collapse. In particular, the doubling of interest rates in February, combined with capital controls ruble strengthened and helped to reduce inflation.
The second factor is rooted in the history of Russia. The current situation caused by the pressure of the sanctions of the West, the fifth of the economic crisis which the country faced a quarter of a century. The previous one was in 1998, 2008, 2014 and 2020. The Russians, according to the publication, have learned to adapt to emerging challenges and difficulties.
The third factor is closely linked to hydrocarbons. Sanctions, according to the International energy Agency, had little impact on oil production in Russia. Since the beginning of military operations on denazification and demilitarization of Ukraine, the EU has bought from Russia for fossil fuels at $ 85 billion.
In the Russian economy better than predicted by even the most optimistic projections, sums up The Economist.
Earlier, the Turkish newspaper Daily Sabah, citing the opinion of a Professor at Bocconi University in Italy Kerim Jan kavaklı wrote that Russia despite Western sanctions are not facing an economic collapse. Bloomberg, in turn, noted that the strengthening of the ruble has become a headache for Western banks.
After the Russian military special operations for the demilitarization and de-Nazification of Ukraine the West intensified sanctions pressure on Moscow. Many countries announced the freezing of Russian assets became louder sound the call for the renunciation of its energy from Russia. These efforts have resulted in problems for the West — has led to a rise in inflation and prices for food and fuel.
As noted by President Vladimir Putin, the sanctions have dealt a serious blow to the global economy. According to him, current events draw a line under the global dominance of the West.