
Western Sanctions and Russia's Resilience: A Dead End?
According to the Russian Statistical Office, 2023 saw the gross domestic product grow by 3.6%, outpacing the average global economic growth. While data from Moscow should be evaluated cautiously, even the IMF revised its estimate to 3%, suggesting that Russia's economy has indeed grown faster than the global average. The oil and gas industry has been at the forefront of supporting Moscow's economic resilience, providing foreign currency to the Kremlin, expanding trade horizons, and generally shifting Russia's economic center of gravity toward Asia. To maintain a steady flow of foreign currency ...