Since Russia’s full-scale invasion of Ukraine in 2022, the West has imposed over 16,000 sanctions on Russia in an effort to weaken the economy that fuels the Kremlin’s war efforts. Despite these efforts, Russia’s economy has proven to be unexpectedly resilient. The IMF has estimated that Russia’s GDP grew by 3.5% in 2023 and is expected to continue growing by 3.2% in 2024. The Kremlin has managed to sustain its economy by increasing military spending and forming partnerships with countries like China and India that are willing to defy Western sanctions.
Although the Kremlin presents Russia’s economic stability as a sign that Western sanctions have failed to cripple the country, a closer look reveals a more precarious situation for Russia. A recent Financial Times article painted a bleak picture of Russia’s position in the global political and economic landscape, highlighting the potential consequences of the war in Ukraine.
Financial Times’ Russia correspondent, Anastasiia Stognei, appeared on The Naked Pravda to discuss these conflicting narratives of Russia’s economy and the potential long-term effects of the war. The discussion covered topics such as the impact of sanctions on the Russian economy, the strategies employed by Russia to sustain its economy during wartime, the long-term effects on Russian society, and the future of trade relations and economic outlook. Through this analysis, a more nuanced understanding of Russia’s economic situation and its implications was explored.