russianeconomy
Western sanctions against Russia have not impacted trade outside of the West, said Hamad Buamim, chair of the Dubai Multi Commodities Center, in comments to the Financial Times published on May 29. Despite more than a dozen rounds of EU sanctions against Russia and associated measures from the U.S. and other Western partners, Russia's economy has remained resilient. While Russia's business ties with the West have shrunk, other countries outside of Europe have increasingly taken advantage of the opportunities. Throughout Russia's full-scale war, the United Arab Emirates (UAE) has maintained eco...
Kyiv Independent (UK)
Russian President Vladimir Putin is trying to revive the Soviet Union, but two can play this game. To complete the Kremlin’s grotesque historical reenactment, the West should launch a new economic Cold War in response. In addition to the war of aggression waged against the civilians and cities of Ukraine, Russia has also waged an asymmetrical economic war against the global economy and the international trade system that underpins it. Russia’s weaponization of trade, particularly of energy supplies, has caused massive disruptions in international markets and triggered a cascade of economic set...
Kyiv Independent (UK)
An increasing number of Russians who left abroad after the outbreak of the full-scale invasion are returning home, namely due to difficulties with residence permits and jobs abroad, Bloomberg reported on May 2. Around 1 million Russians left the country after the start of the all-out war due to their opposition to the invasion or out of fear of mobilization. As the war entered its third year with no end in sight, many Russian expatriates are being rejected when applying for extended residency, or face challenges with running businesses abroad, Bloomberg wrote. Russia claimed in June 2023 that ...
Kyiv Independent (UK)
Europe is increasingly becoming dependent on Russian fertilizer, as it previously did with Russian energy, said Svein Tore Holsether, the chief executive of fertilizer producer Yara International, in an interview with the Financial Times (FT) published on April 30. Since the beginning of the full-scale war, Europe has increased its attempts to wean itself from Russian energy. In a significant reversal of decades of energy dependence, the EU has backed a series of sanctions against Russian fossil fuels and reduced its reliance on such exports. Holsether warned that Europe is making the same mis...
Kyiv Independent (UK)
Russia's GDP is expected to grow by 3.6% in 2024, matching the growth rate of the previous year, Russian Finance Minister Anton Siluanov said on April 19. Russia's economy faced a shock and subsequent contraction after the beginning of the full-scale invasion of Ukraine in 2022. As the country weathered the onset of Western sanctions and growing isolation, Russia's GDP dropped by 2.1% in 2022. Since then, Russia has managed to survive Western sanctions through a variety of methods, and has continued to bolster its economy through oil sales, particularly to India and China. Siluanov said that "...
Kyiv Independent (UK)
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