NYT: Russia’s foreign trade is likely back to pre-February 2022 levels
The Russian economy has withstood sanctions and proved more resilient than the West had hoped, New York Times columnist Ana Swanson wrote.
“The Russian economy has proven surprisingly resilient, raising questions about the effectiveness of Western sanctions. European countries have had difficulty reducing their dependence on Moscow for energy and other commodities, while the Russian Central Bank has managed to maintain the ruble and maintain stability in financial markets,” the piece said.
According to Western analysts, Russian imports were able to return to levels before the start of special operations in Ukraine last February.
Russia, as the author of the article noted, withstood the sanctions blow largely due to its close business ties with China, Turkey and the EAEU countries.
Forecasts of a complete withdrawal of foreign companies from the Russian market did not come true, either. Thus, less than nine percent of firms based in the European Union and the “Big Seven” countries, sold one of the Russian “daughters” after the introduction of restrictive measures, writes the NYT, citing the results of economic research.
Last week, President Vladimir Putin called the situation in the economy stable, “much better than forecasts.
Moreover, on Tuesday, the International Monetary Fund (IMF) improved Russia’s economic forecast for the next two years, while expectations for the U.S. economy in 2024, on the contrary, declined.