Russian President Vladimir Putin. Sergei Guneyev
- Russia is no longer scared of western sanctions, a Kremlin spokesperson said last week.
- There are signs the economy is resilient, with growth holding firm and total wealth increasing in 2022.
- But western embargoes are still affecting Russia, as exports plunge and the ruble craters.
Russia says it isn’t afraid of sanctions anymore – but maybe it should be.
Kremlin spokesperson Dmitry Peskov shrugged off the West’s oil and gas embargoes and financial restrictions last week, saying Russia had “adapted” and was no longer “scared” of further measures.
There are some signs he’s right, as the Russian economy is holding up better than expected as the war in Ukraine drags on.
In October, the International Monetary Fund said it expects Russia’s gross domestic product (GDP) to expand by 2.2% this year, up from its previous target of…
