The sanctions imposed on Russia by the United States, the European Union, and other countries that are against Russia’s war on Ukraine have started damaging its economy and will erode it further in the long term. Russia is, after all, the world’s ninth-largest economy and a critical supplier of energy and other raw materials, so any belief that sanctions alone would immediately bring Russia down and stop the war was misplaced.
Russia’s economy has done better than the spring 2022 projections. Its GDP contracted by about 2 percent[1] relative to the expectations of an 8.5 percent contraction,[… …read more
