Russia loses US$170 billion of potential exports due to sanctions
Pravda Ukraine
Russia’s economy stabilised two years after the outbreak of war, but the war and sanctions continue to have a significant impact on its development: Russia has lost US$170 billion in potential export revenues.
Source: Financial Times
Quote: “Two years into the war, Russia’s economy appears to have stabilised, supported by nearly 10 per cent of GDP in war-related fiscal stimulus and sanction coalition countries’ reluctance to stop buying Russian oil and gas. The Russian government’s statistics agency estimates GDP growth of 3.6 per cent in 2023 following a moderate contraction in 2022,” writes FT.
Even if the sanctions did not have the devastating impact that was initially anticipated, Russia lost approximately US$170 billion in exports as a result. Russia’s growth has been significantly slower than that of other raw material exporters, and its medium-term prospects are bleak, according to Financial Times.
Background: It was reported earlier that the Russian economy is so dependent on military spending that it cannot afford to win or lose the war.
Support UP or become our patron!