JRL NEWSWATCH: “Russia’s economic growth suggests Western sanctions are having a limited impact” – New York Times

File Photo of IMF Acronym on Wall Below Row of Circular Lights, adapted from image at state.gov by Steven C. Welsh :: www.stevencwelsh.com :: www.stevencwelsh.info

“The resilience of Russia’s economy is helping fuel global growth, according to a new [I.M.F.] report … suggesting … [Western] efforts … to weaken Moscow because of its war in Ukraine appear to be faltering. … [T]he I.M.F. predicts … Russian output will expand 0.3 percent … this year and 2.1 percent next year, defying earlier forecasts …. A … plan by the United States and Europe to cap the price of Russian oil … at $60 a barrel is not expected to substantially curtail … energy revenues. ‘At the current oil price cap level of the Group of 7, Russian crude oil export volumes are not expected to be significantly affected, with Russian trade … redirected from sanctioning to non-sanctioning countries,’ the I.M.F. said.”

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