When sanctions were enacted against Russia in February of this year, all the forecasts were of an imminent collapse in the Russian economy. A new report looks at why that hasn't happened.
, a Brussels-based economic think tank, points to a number of flaws in the sanctions regime, and several strong points in the Russian defenses.
Many of the sanctions were aimed at inhibiting parts of the Russian economy's ability to do business. Russia's economy is less reliant on imports than most other large, advanced economies and emerging markets, the report notes, but some sectors are highly exposed, especially the manufacturing of transportation equipment, chemicals, food products and IT services. Sanctions did a good job initially ofsuch as parts for manufacturing.
. The surplus for January-September stood at $198.4 billion==roughly $120 billion higher than for the same period in 2021, and more than double the previous record in 2008. Bruegel reckons the rude health of Russia's balance of payments will persist into 2023, as commodity prices are likely to remain high, despite the EU embargo on crude oil and petroleum products and despite Russia's decision to cut natural gas flows to Europe.
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