Russia’s economy holds up, but growing challenges test Putin
1 year, 9 months ago

Russia’s economy holds up, but growing challenges test Putin

Associated Press  

Western sanctions have hit Russian banks, wealthy individuals and technology imports. Economists say sanctions on Russian fossil fuels only now taking full effect — such as a price cap on oil — should eat into earnings that fund the military’s attacks on Ukraine. “We have had even worse periods of time in history, and we coped,” he said, but added that “we need to develop our own production and not to depend on the import of products.” One big reason for Russia’s resilience: record fossil fuel earnings of $325 billion last year as prices spiked. Experts at the Kyiv School of Economics say Russia’s economy will face a “turning point” this year as oil and gas revenue falls by 50% and the trade surplus plunges to $80 billion from $257 billion last year. Russia may have successfully restarted factories after the Western exodus, “but the business case for producing something sophisticated in Russia is gone, and it’s not coming back,” Kluge said.

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