JRL NEWSWATCH: “Russia’s resilience to sanctions shows it is ‘costly and unattainable’ to isolate a large and globally integrated economy, economist says” – Business Insider
- “Russia’s economy remains resilient against Western sanctions.
- Economist Elina Ribakova wrote about the limitations of trying to isolate a globally integrated economy like Russia.
- The West’s experience sanctioning Russia could help in crafting potential future trade restrictions against China.”
“Despite sweeping … sanctions over … Ukraine, Russia posted … GDP growth of 3.6% in 2023 after contracting 1.2% in 2022. The [IMF] expects … 2.6% [growth] in 2024. … Putin has been preparing for sanctions since 2014. Moscow and Beijing have also launched alternative payments systems to skirt … SWIFT …. Although official statistics from Russia should be ‘approached with caution’ …”